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FxWirePro: US Dollar Index struggles to close above 55- day EMA, good to buy on dips

Major support – 98.86 (61.8% retracement of 95.89 and 103.82). Major resistance – 100.70 (55- day EMA). DXY recovered slightly till 100.73 after making a low of 100.25. It is currently trading around 100.63. On the lower…

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FxWirePro: US Dollar Index struggles to close above 55- day EMA, good to buy on dips
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  • Major support – 98.86 (61.8% retracement of 95.89 and 103.82).
     
  • Major resistance – 100.70 (55- day EMA).
     
  • DXY recovered slightly till 100.73 after making a low of 100.25. It is currently trading around 100.63.
     
  • On the lower side, the minor support is around 100 and any break below 100 will drag the index down till 99.25/98.85 in the short term. 
     
  • The near term resistance is around 100.70 (55 –day EMA) and any break above will take the index till 100.97/101.40.

    It is good to buy on dips around 100.35-40 with SL around 100 for the TP of 100.97/101.40

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