EURUSD Forex cross pair supply and demand technical analysis

EURUSD Forex cross pair supply and demand technical analysis is telling us that only shorts are allowed at new supply zones. The weekly timeframe is in a clear downtrend with new weekly supply imbalances being created and respected and demand imbalances eliminated.

There is a lot of room for price to keep on dropping further on the weekly and monthly timeframes, room to reach a very strong monthly demand level near EURUSD forex cross pair parity level.In the meantime the Dollar Index DXY is reacting to a weekly demand level as well with room to keep on rallying. Both EURUSD Forex cross pair and the Dollar Index DXY are highly correlated.