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FxWirePro:US Dollar Index forms double top at 102.25, good to buy on dips

  • Pattern formed – Double Top (102.26).
     
  • Major support –101.40 (21- day EMA).
     
  • U.S. Dollar index formed a double top around 102.26 and decline slightly from that level. It is currently trading around 102.12.
     
  • On 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)/103.82 (Jan 3rd 2017 high).
     
  • The major intraday support is around 101.40 (21- day EMA) and any break below targets  100.60/100/99.25 (23.6% fibo).
     
  • Short term bullish invalidation only below 98.    

It is good to buy on dips around 102 with SL around 101.40 for the TP of 102.95/103.80

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