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18.06.2018 08:55 AM
Technical analysis on the Dollar index for June 18, 2018

The Dollar index has reached again its May highs after the ECB meeting giving a push lower to EUR/USD which is the major component of the Dollar index. The index is trading at its yearly highs with the RSI diverging.

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The Dollar index could make new highs this week but I will be looking for a major reversal for the index soon. Of course any break below the 93 level will confirm that a top is in, Shorter-term support is at 94.20. Resistance at 95.25 and next at 95.70 which is a possible target to be reached this week. Trend is bullish. However I prefer to be a contrarian now and look for reversal signs as I believe the Dollar will make a major top soon and reverse back below 90 over the coming months.

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