FxWirePRO:DXY downside capped by 50% fibo, good to buy on dips
The U.S dollar index has taken support near 50% fibo level and started to jump slightly from that level. On the higher side any close above 102.40 (60- 4H EMA) will take the index ill 102.85 (61.8% retracement of 103.82 …
The U.S dollar index has taken support near 50% fibo level and started to jump slightly from that level. On the higher side any close above 102.40 (60- 4H EMA) will take the index ill 102.85 (61.8% retracement of 103.82 and 101.30)/103.60.It is currently trading around 101.85.
On the lower side, any break below 101.50 (50% retracement of 99.43 and 103.82) will drag the index down till 100.60. The index should close below 100.70 for further weakness and it is currently trading around 102.32.
Short term bullish invalidation only below 98.
It is good to buy on dips around 101.50 with SL around 100.60 for the TP of 103/103.60.
