Monday, February 12, 2018

Good support on the Dollar


After having broken above the 90.00 level, the Dollar index has found a good support level at that zone. Actually, on the daily chart we can see that the index has formed what it appears to be a breakout-pullback pattern on that zone. The Dollar index may probably bounce to the upside from the 90.00 level and maybe try to visit the 91.00 level where we can also find the 55 day EMA (purple line). The 91.00 level could act as resistance, but if the index manages to break that level to the upside, we could possibly see a bullish trend reversal. The 92.00 and the 93.00 levels could also act as resistances, but a most relevant resistance could be the 200 day EMA (blue line). To the downside, the index could possibly consolidate around the 89.35 level, but it could find a good support around the low of the 88.24 level.



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