The Dollar is thriving as price breaks this year’s high and is set to close bullish on the monthly time frame. As a result, a possible swing trade for EURUSD has become available.
With only a few days remaining in September, the Dollar is set to make a statement as the monthly candle will most likely close as a bullish hammer. This candle may be the beginning of the economic recovery from the pandemic. The next target for the Dollar is 94.750.
Many majors along with Gold are starting to fall under the bullish Dollar. Traders could expect EURUSD to face losses as well as price looks to break August’s low. Following this, the next target and hurdle will be the support established in 2020 at 1.16640.
The current technical indicators for the Dollar are some of the strongest seen since before the pandemic. With more and more vaccine doses administrated across the nation, the US economy could look to make a strong recovery heading into the new year.
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