Stay 
Trading Conditions
Products
Tools
The US dollar index rallied through the 105.05 high over the last week, surpassing the Fibonacci target at 104.65 as projected on the H chart here. The index is seen to be trading close to 104.80 at this point in writing as bears are preparing to come back in control soon. The immediate support is at 104.10, which should be the initial target.
The US dollar index might have terminated its first wave of the larger degree corrective phase around 105.05 or should be close to terminating. The second wave should resume soon and drag prices towards the 103.00-20 range at least, before the last wave rally towards the 109.00 level resumes. Once the corrective phase is complete, the index will resume its larger degree downtrend.
The US dollar index has almost taken out its previous larger degree resistance at the 105.35 mark. Furthermore, prices have reached the Fibonacci 0.382 retracement of the entire drop between the 114.70 and 99.15 levels respectively. Considering the above, a high probability remains for a pullback to resume soon towards 103.00.
Potential drop toards 103.00 to resme soon.
Good luck!
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
