Fundamental analysis tends to provide a long-term outlook, but the start of a directional move is generally dictated by chart analysis. The emphasis on fundamental factors must shift, and in this case, the dollar weakness stemming from the record twin deficit was replaced by the relative strength of its interest rate.
Chart analysis shows the soul of the market and in many cases, it can display it in great detail. Several trend reversal tools, such as Fibonacci fans and arcs, along with moving averages, sufficiently map the path (and the traps on this path) the euro/dollar has followed.
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