EURUSD peaked the bottom of its 18-month falling channel with signs of a breakout for the first time.
While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn't good actually because the market has changed from a 'no cut' to a 'no hike'.
Therefore, the dollar plunged further and the DXY has broken below its rising channel.
This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn't good actually because the market has changed from a 'no cut' to a 'no hike'.
Therefore, the dollar plunged further and the DXY has broken below its rising channel.
This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.