After more than two months, the dollar returned above the 104.00 level. Yesterday’s high was at 104.31 level. That’s where we encounter resistance and start retreating. Now we are again below the 104.00 level on the way to the 103.90 level. We need a negative consolidation and continued pullback below the 103.80 level for a bearish option.
The potential lower target is 103.60 level. We have additional support in that zone in the EMA50 moving average. There, we would encounter great support that could stop the further retreat of the dollar index.
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