FxWirePro:US Dollar Index breaks trend line resistance at 101.27, jump till 102.95 likely
Wednesday, February 15, 2017 10:38 AM UTC
- Major support – 99.25
- Major resistance – 101.27 (trend line joining 100.72 and 101.01).
- Major intraday support –100.64 (21- day EMA).
- U.S. Dollar index broken major trend line resistance at 101.27 and jumped slightly from that level. It is currently trading around 101.47.
- On the higher side, any close above 101.27 (trend line joining 100.72 and 101.02) will take the index till 101.73/102.06 (61.8% retracement of 103.82 and 99.23)/102.95 (Jan 1st 2017 high).
- The major support is around 100.64 (21- day EMA) and any break below targets 100/99.25 (23.6% fibo)/98.85/98.30.
- Short term bullish invalidation only below 98.
It is good to buy on dips around 100.60 with SL around 100 for the TP of 101.02/101.75.