FxWirePro:US Dollar Index downside capped by 21- day EMA, good to buy on dips
Major support – 101.05 (trend line joining 99.23 and 100.69). Major intraday support –100.60 U.S. Dollar index has taken support near trend line, 21- day EMA and jumped slightly from that level. It is currently trading a…
Major support – 101.05 (trend line joining 99.23 and 100.69).
Major intraday support –100.60
U.S. Dollar index has taken support near trend line, 21- day EMA and jumped slightly from that level. It is currently trading around 101.59.
On the higher side, next immediate resistance is around 101.87 (61.8% retracement of 102.26 and 101.22) and any break above will take the index till 102.30/102.95 (Jan 1st 2017 high).
The major intraday support is around 101.15 (21- day EMA) and any break below targets 100.60/100/99.25 (23.6% fibo).
Short term bullish invalidation only below 100.60.
It is good to buy on dips around 101.45 with SL around 101 for the TP of 102.25/120.95
