DXY has reached the 0.382 Fibo level at 105.5 and is reacting to the support provided by it. As expected we have Core CPI release data today and high volatile price action is expected. Forecasted numbers are bullish for the DXY but we need to wait and see how the market will absorb them.
It has been 4 days of losses in a row and is time for a retrace at 107.5Level but who knows.
The main takeaway is to be prepared for the direction the market will take.
The next support level on the weekly time frame if 105.5 mark fails is 102.2.
Euro dropped significantly after news for Russian shell hitting Poland border broke but gained some ground early morning during the Asian market openings.
This helped a little decrease the overbought pressure on all USD pairs
Waiting for the market to show next move
Trade safe
It has been 4 days of losses in a row and is time for a retrace at 107.5Level but who knows.
The main takeaway is to be prepared for the direction the market will take.
The next support level on the weekly time frame if 105.5 mark fails is 102.2.
Euro dropped significantly after news for Russian shell hitting Poland border broke but gained some ground early morning during the Asian market openings.
This helped a little decrease the overbought pressure on all USD pairs
Waiting for the market to show next move
Trade safe
On the monthly chart a retrace till 108.5 is expected but we shall see how the price action will react to 107.5 resistance.
First target should definitely be 107.5 and after 108.5
Tomorrow Existing Home sells is expected to move a little the markets although consensus shows bearish USD printings .
We have to see how the market will react to it .
Trade safe