FxWirePro:US Dollar index forms Bullish Bat pattern, good to buy on dips
Harmonic pattern formed – Bullish Bat pattern Potential Reversal Zone (PRZ)- 100.40 US Dollar index has once again declined after jumping till 101.72 level yesterday. It is currently trading around 101. On the higher sid…
US Dollar index has once again declined after jumping till 101.72 level yesterday. It is currently trading around 101.
On the higher side, major resistance is around 101.73 and any break above will take the index till 102.06 (61.8% retracement of 103.82 and 99.23)/102.95 (Jan 1st 2017 high).
The major support is around 100.75 (55- day EMA) and any break below targets 100.38/100/99.25 (23.6% fibo).
Short term bullish invalidation only below 98.
It is good to buy on dips around 100.85-100.90 with SL around 100.40 for the TP of 101.73/102.05
