Are U.S. Dollar, Euro Creating Double Tops And Bottoms?
Chris Kimble | Nov 01, 2021 12:30PM ET
The U.S. dollar and the euro are two of the most-watched currencies in the world, with the U.S. dollar being the world’s reserve currency.
Today’s chart two-pack highlights a critical inflection point for both currencies. Should King Dollar change course, it would be a big deal across multiple assets.
Seeing Double?
As you can see in the chart above, the U.S. dollar and the euro look like mirror images of each other. But what’s important right now is that both are seeing double. That is, both are forming double bottom/top formations.
The U.S. dollar has formed a double bottom (potentially bullish), while the euro has formed a double top (potentially bearish).
King Dollar is testing double bottom resistance, while the euro is testing double top support. Investors should watch this carefully. If the U.S. dollar continues higher and the euro lower, it would effect trading across assets and shake up the financial markets a bit. Stay tuned.
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