"EUR/USD Analysis: Double Top Pattern Confirmed – Target Achieved and Future Outlook"
EURUSD Analysis: Double Top Target Reached - What's Next?
Source: Forex Factory
DXY Rebound Analysis
- The DXY has rebounded from a low of 100.15.
- This rebound is correlated with the 0.618 Fibonacci retracement level, derived from the downtrend between the June 2024 high of 106.12 and the September 2024 low of 100.15.
Impact of Economic Data
- Positive reports on non-farm payroll, Consumer Price Index (CPI), and retail sales have bolstered the value of the dollar.
- Geopolitical tensions are increasing haven demand for the dollar amid rising global uncertainties.
US Elections and Economic Prospects
- Concerns surrounding the upcoming US elections are influencing market dynamics.
- Treasury Secretary Janet Yellen highlighted potential inflation risks stemming from a possible Trump presidency and his proposed tariff policies, emphasizing the economic ramifications.
Market Outlook
- Market sentiment is rife with uncertainty regarding the economic landscape as the focus shifts towards the implications of the US elections on monetary policy.
