FxWirePro:US Dollar index faces strong support at 99.40, good to sell on rallies
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 99.71. Short term trend is s…
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 99.71.
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
