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Operational scale is Minute (4-hour timeframe)
Battle of EUR versus USD. Scenarios of further moves of #USDX and EUR/USD according to the 4-hour chart from July 09, 2020
US Dollar Index
Starting from July 09, 2020, the odds are that the US dollar index will carry on trading in the equilibrium zone (97.95 - 97.50 - 96.95) of the equilibrium pitchfork under the Minute operational scale. We should bear in mind the direction in which the trading range is broken and it is going to be tested.
*Resistance level of 97.10 which coincides with the lower border of a the Median Line pitchfork channel under the Minute operational scale.
*Support level is 96.95 which coincides with the lower border ISL38.2 of the equilibrium zone under the Minute operational scale.
When resistance of 97.10 is broken, #USDX will continue its move inside the borders of a Median Line (97.10 - 97.25 - 97.40) and the equilibrium zone (97.50 - 97.70 - 97.95) of the pitchfork under the Minute operational scale with prospects of reaching the final line of FSL Minuette (98.65).
In case support of 96.95 is broken at the lower border ISL38.2 of the equilibrium zone under the Minute operational scale, the US dollar index will continue its decline towards the following targets:
-the initial line SSL under the Minute scale (96.80)
-the control line LTL under the Minute scale (96.60)
-the final Shiff Line Minute (96.56)
-lows (96.38 - 95.73)
The outlook is that the borders of the channel a Median Line (95.40 - 95.05 - 94.70) of the pitchfork under the Minute scale.
Scenarios for EUR/USD from July 09, 2020
The currency pair is set to go on trading inside the equilibrium zone (1.1310 - 1.1245 - 1.1185) of the pitchfork under the Minute scale. We should take into account that the borders of the channel of a Medina Line (1.1285 - 1.1265 - 1.1245) of the pitchfork is tested under the Minute scale.
In case support of 1.1245 is broken at the lower border of the channel a Median Line Minute (1.1245), EUR/USD will carry on with its move inside the equilibrium zone (1.1245 - 1.1220 - 1.1200) of the pitchfork under the Minute operational scale. On the other hand, in case ISL61.8 Minute (1.1200) is breached, the trading instrument will continue its move towards the targets:
-the lower border ISL61.8 (1.1185) of the equilibrium zone of the pitchfork under the Minute operational scale
-local low of 1.1168
-the final line FSL Minute (1.1120)
Alternatively, if the upper border of the channel a Median Line of the pitchfork under the Minute scale is broken which coincides with resistance of 1.1285, EUR/USD will develop the uptrend towards the following targets:
-the upper border of ISL38.2 (1.1310) of the equilibrium zone of the pitchfork under the Minute scale
-local high of 1.1348
-the final Shiff Line Minute (1.1410)
-high of 1.1422
The review is composed without taking into account the news background and the hours of trading sessions at key financial hubs. This information should not be considered guidelines for placing sell or buy orders, but it is meant for your awareness.
Formula for calculating the US dollar index:
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036It is a weighted geometric mean of the dollar's value relative to the following particular currencies:
EUR — 57.6 % JPY — 13.6 % GBP — 11.9 % CAD — 9.1 % SEK — 4.2 % CHF — 3.6 %USDX has its origin in March 1973. At its start, the value of the US Dollar index was 100.000. At that time, other major currencies began their free exchange relative each other.
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