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Blue line- bullish divergence
Red line- resistance
Green lines - Fibonacci retracement levels
The Dollar index is making new weekly lows now as price is trading at 103.75.The Dollar is under pressure after the US CPI was announced at 7.1% on a yearly basis, lower than the expected 7.3%. Price is making new lows but the RSI is making higher lows. The RSI is providing another bullish divergence. This is a warning that the downside momentum is weakening. We should not be surprised if over the coming days we see a complete upside reversal in the Dollar index. Resistance is at 105.10. A break above this level would be a bullish reversal signal and we will expect a move higher towards 109 at least. Until then bears remain in control of the trend.
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