- During the Asian session the dollar index oscillated around the 105.55 level.
Dollar Index Chart Analysis
During the Asian session the dollar index oscillated around the 105.55 level. After that, in the EU session, we will see a strengthening of the dollar and a rise to 105.75 levels. There we find resistance, which brings the index back to the 105.60 level, and there we get new support. For a bullish option, we need a continuation of positive consolidation and a move to the previous resistance level. So we need a break above to continue to the bullish side. The highest potential targets are the 105.80 and 105.90 levels.
We need a negative consolidation and a fall of the dollar index to the level of 105.50 for the bearish option. Therefore, we would put pressure on that level, which could lead to a further pullback and a drop to lower support levels. The lowest possible targets are 105.40 and 105.30 levels. The moving average EMA50 is in the area of around 105.25. Expecting the dollar to continue its growth is more realistic than entering into a deeper retreat.
As for the economic news, most of it will be from the US market: Building Permits, CB Consumer Confidence, New Home Sales, US GDP, Initial Jobless Claims, and Federal Reserve Chairman Speech ,Powell. Of the European news, the most important are the German CPI, the Eurozone CPI and the British GDP.
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