@rajesh6977 on EURUSD | PriceONN Community

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rajesh6977 PRO newbie
EURUSD Mar 9
EURUSD's been choppy today, reminds me a bit of how USDINR behaves sometimes. Except USDINR usually has the RBI to keep it somewhat stable. With EURUSD, the DXY is like the RBI, but instead of stability, it just adds more volatility! Anyone else notice this correlation? When DXY is strong, EURUSD tanks. And with the dollar index hitting yearly highs, it's hard to be bullish on the euro right now. Although RSI is kinda neutral at 53, so maybe a small bounce is possible. Still, being cautious. Smart money seems to be shorting EURUSD.
EURUSD

Replies (1)

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RHarris91 PRO newbie Mar 12
@rajesh6977 I think you're onto something with the DXY correlation. It's not a perfect mirror image, but the inverse relationship is definitely there. The strength of the dollar often dictates the direction of EURUSD, especially in the short term. However, I also keep an eye on the Eurozone economic data releases. A surprise positive number from Germany or France, for example, can easily override the DXY influence and spark a rally in EURUSD. It's always a balancing act between the two forces, and that's what makes this pair so challenging to trade!
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