Looks like second attempt to push higher was stopped at 1300.
Price is currently at support of 1269 and should it break this level and hold then 1220 looks like an easy target.
A double bottom could be forming here (which could mean a push back up to 1300) but to me it looks like bears are still firmly in control.
Im still short biased as the recent bear candles are strong which is inline with the preceding selloff. Bulls have a lot of strong levels to break through. Bears have it a lot easier.
This could be accumulation though. Have to wait and see, Ill be cautious with longs.
1. Quiet week ahead
I will wait for price to break this range before taking a position. There have been 3 attempts at resistance which leads me to think that players need liquidity and will go hunting within this range
1. I think if we continue to see dollar strength then the emerging markets will continue to weaken.
2. This is also a big round number level. Traders will be reacting here.
Hopefully a pinbar will give us an opportunity on this one.
Although price has reversed here a few times before, I would be watching for a push below this level as the big players look for liquidity. If price breaks 45 Ill look for opportunities to the 50 level.
A break below and the obvious target is 40.
Ill be watching this one closely.
Strong 4HR level coming up. FOMC decision this evening. I doubt any major reversal will occur between now and election unless there is major good news for the US.
So I expect this Dollar weakness/uncertainty to continue until next week.