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The Euro looks to have created a bullish inverse Head & Shoulders pattern and continues to push higher, which could well be assisting the 500 index higher. At the same time the U.S. Dollar may well have created a Bearish Head & Shoulders pattern over the past 15 months.
Joe Friday.... The U.S. Dollar has found support at its neckline numerous times. If this support line fails to hold at (2), selling pressure will ramp up, in the US$.