Long term trend: Up
Medium term trend: Up
Significant Levels: 11217 (Horizontal Support)
Still, this index has not found a new resistance. The important thing here is the support. This index can be traded when the price dips, as the current trend is up. I don't think this index will retrace soon because the USD has been strong for the past few weeks and months. The trend of this chart will still be intact and continue to go up. This information is best to use on EURUSD pair as this index is composed mostly of EUR currency. Therefore, in applying this analysis to EURUSD pair, EURUSD will probably continue to go down. This also can be used if there are common significant levels that this index and EURUSD pair have.
The bottom line here is that, USD is strong right now, particularly against EUR.
Trade well.
Medium term trend: Up
Significant Levels: 11217 (Horizontal Support)
Still, this index has not found a new resistance. The important thing here is the support. This index can be traded when the price dips, as the current trend is up. I don't think this index will retrace soon because the USD has been strong for the past few weeks and months. The trend of this chart will still be intact and continue to go up. This information is best to use on EURUSD pair as this index is composed mostly of EUR currency. Therefore, in applying this analysis to EURUSD pair, EURUSD will probably continue to go down. This also can be used if there are common significant levels that this index and EURUSD pair have.
The bottom line here is that, USD is strong right now, particularly against EUR.
Trade well.