- Major support – 99.40
- Pattern formed – Double bottom
- U.S. Dollar index declined sharply after breaking the major support at 99.79 low made on Jan 26th 2017 low. It is currently trading around 99.56.
- Short term trend is slightly bullish as long as support 99.40 holds. Any break below 99.40 will drag the index down till 98.85 (61.8% retracement of 103.82 and 95.89)/98.54.
- On the higher side, any break above 99.89 (100- day EMA) will take the index till 100.18 (5- day MA) /100.60 (trend line joining 103.82 and 102.95).
- Short term bullish invalidation only below 98.
It is good to sell on rallies around 99.95-100 with SL around 100.60 for the TP of 98.85/98.30
Resistance R1-99.89
R2-100.18
R3- 100.60
Support
S1-99.40
S2-98.85
S3- 98.30
