 EURUSD = Anti-Dollar?
One role of the EURO is to act as the anti-dollar. What I mean by this is whether it be USDJPY, GBPUSD, USDCAD and any of the 180 currencies used worldwide, it is seen as an individual currency and not a reflection of the overall trend in the dollar.
On the other hand, for traders, the EURUSD is seen as the trendsetter for the dollar. What I mean by this is if the EURUSD is trading weak, the dollar is seen as trading strong. If the EURUSD is trendline higher, the dollar is seen as trading weak.
Of course, there are other factors where the EURUSD either leads or lags a dollar trend, such as currently where it is trading soft vs. the GBP and firm vs. the JPY. Whatever the case, when one thinks of the dollar, how the EURUSD is trading influences whether the mood is bullish or bearish for the US currency.
Why is the EURUSD Referred to as the Anti-Dollar?
While there may be a combination of reasons, viewing the EURUSD as the anti-dollar can be used to set an overall bias for trading as I describe in this video posted on the Forex Forum yesterday.
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