The bearish trendline was broken on December 5th and retested on December 7, indicating a bullish trendline.
However, the market is struggling to break the resistance level at 104.220, so we may see another drop to the support level at 103.185 and eventually lower to 102.670.
On the 4-hour timeframe, the price has broken out of a bullish channel, which may confirm a short-term bearish trend.
Waiting for a pullback. Keep an eye on 104.220 to sell.
The U.S. Dollar Index (DXY/USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading pairs (EUR, GBP, CAD, CHF, AUD, NZD, JPY, etc.).
NOTE: Do not apply trades blindly. Wait for confirmation and always analyze lower timeframes.
Let me know in the comment section below if you have any questions, ideas, or thoughts...
Don't forget to like and subscribe!
However, the market is struggling to break the resistance level at 104.220, so we may see another drop to the support level at 103.185 and eventually lower to 102.670.
On the 4-hour timeframe, the price has broken out of a bullish channel, which may confirm a short-term bearish trend.
Waiting for a pullback. Keep an eye on 104.220 to sell.
The U.S. Dollar Index (DXY/USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading pairs (EUR, GBP, CAD, CHF, AUD, NZD, JPY, etc.).
NOTE: Do not apply trades blindly. Wait for confirmation and always analyze lower timeframes.
Let me know in the comment section below if you have any questions, ideas, or thoughts...
Don't forget to like and subscribe!