Last week’s retreat of the dollar stopped at the 103.00 level this morning. From that moment, the dollar started to recover and rose to 103.15. We could have a possible resistance at the 103.20 level. We need a break above to see a further continuation to the bullish side. Potential higher targets are 103.40 and 103.62 previous high.
Depending on the strength of the bullish impulse, we could also see the formation of a new higher high in the zone around the 104.00 level. We need a negative consolidation and a break below the support at the 103.00 level for a bearish option. After that, the index would come under more pressure, which would mean a further pullback to the next support level. Potential lower levels are 102.75 and 102.50 levels.
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