FxWirePro: U.S Dollar Index Trade idea

• U.S dollar index trading extremely weak compared to previous week. The index broken strongly 55- W EMA and declined sharply till 97.33 in the week.
   
• The jump from 91.92 to 103.82 has come to an end since it has broken major support at 98.50. Any break below 98.50 confirms major weakness, a decline till 91.92 is possible. Short term trend is still weak as long as resistance 99.89 (May 11th 2017 high) holds.
   
• On the lower side, major near term support is around 97.33 (161.8% retracement of 98.86 and 101.34) and any break below will drag the index till 95.91 (Nov 9th 2016 low)/95.
   
• The near term resistance is around 98.60 (support turned into resistance) and any break above will take the index till 99.25 (200 MA)/99.89.
  
  It is good to sell on rallies around 98 with SL around 98.60 for the TP of 95.90. 

 Resistance
                   

R1-98.60
                                                            

R2 -99.25
 

R3- 99.89
 

Support   
 

S1-97.33
 

S2-95.90

S3-95