FxWirePro:US Dollar Index faces strong support at 100.60, good to buy on dips
Major intraday support –100.60 U.S. Dollar index has taken support near 55- day EMA and jumped slightly from the level .It is currently trading around 101.25. On the higher side, next immediate resistance is around 102.2…
U.S. Dollar index has taken support near 55- day EMA and jumped slightly from the level .It is currently trading around 101.25.
On the higher side, next immediate resistance is around 102.26 (mar 2nd 2017 high) and any break above will take the index till 102.95 (Jan 1st 2017 high). The minor resistance is around 101.50/102.06.
The major intraday support is around 101.05 (55- day EMA) and any break below targets 100.60. Any break below 100.60 confirms major trend reversal, a decline till 100/99.25 likely.
Short term bullish invalidation only below 98.
It is good to buy on dips around 101 with SL around 100.60 for the TP of 102.25
