The Dollar index bounced towards resistance of 102.50 as expected after breaking the downward sloping resistance trend line at 102.10 and then got rejected according to our analysis expectations. The Dollar index is now making lower lows confirming a downtrend.
Black lines - price projection
The Dollar index has broken below support at 101.30 and is making new lows. The trend remains bearish. The Dollar index has 100.40 as the first target of the decline. Important resistance is at yesterday's highs. A break above yesterday's highs will increase the chances of new highs above 104 a lot.
key for this scenario is yesterday's high. As long as we are below it, the trend will remain bearish.
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Performed by Alexandros Yfantis, Analytical expert
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.