Forex

EUR and BITCOIN Relationships; Both Can Outperform US Dollar (update II)Aug 20, 2024

We talked about the relationship between Bitcoin and EURUSD already back in 2022, when we mentioned and highlighted strong support on both of them. The only difference was that EURUSD was still bearish, looking for the strong support, while Bitcoin was still bullish, it was making just a higher degree correction. CLICK HERE

EUR and BITCOIN Relationships; Both Can Outperform US Dollar (update II) BTCUSD vs. EURUSD Weekly Chart From July 2022
BTCUSD vs. EURUSD Weekly Chart From July 2022

As you can see today after two years, EURUSD bounced and recovered from the lows, while Bitcoin resumed its bullish trend. And, if we consider that EURUSD is pointing even higher after current consolidation, then Bitcoin could easily extend its rally.

EUR and BITCOIN Relationships; Both Can Outperform US Dollar (update II) BTCUSD vs. EURUSD Weekly Chart From July 2022
BTCUSD vs. EURUSD Weekly Chart From August 2024

In conclusion, it’s important to note that the primary reason for the potential rise of the euro and other correlated currencies is the ongoing expectation of a further decline in the U.S. dollar. This is particularly evident when analyzing the Dow Jones FXCM Dollar Index, an equally weighted index that provides a more balanced perspective. Unlike the traditional DXY, which places excessive weight on the euro, the Dow Jones FXCM Dollar Index offers a broader and more accurate view of the dollar’s performance.

DXY Daily Chart
USDOLLAR Daily Chart

Commodity

Silver Has Topped

Funded Trader Program

Trade our money and collect the profits.

Learn Elliott Waves

Access to more than 7 hours of educational material

Crypto

Coinbase Is Coming Higher Along With Cryptos

Become a premium member

Get daily Elliott Wave updates for SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close