A quick peek at the dollar index chart shows a catalyst for this morning’s dollar weakness.
A break of 85.35 support this morning looks to have triggered a head and shoulders top that projects to 81.90 as a measured move objectives. Some of the more-high profile hedge funds like Tudor are big users of the dollar index, historically.
EUR/USD makes up about 60% of the index and closely correlated currencies like GBP and SEK another 15%…
As fundamentally bearish as I am on EUR/USD, I can’t ignore this chart…
