- During the Asian session, the dollar index retreated slightly from the 106.60 level.
Dollar Index Chart Analysis
During the Asian session, the dollar index retreated slightly from the 106.60 level. The pullback took the dollar down to the 106.40 level and now we find some support here and stop the pullback.
If we manage to hold above, we could start a new bullish consolidation and see the dollar index at a higher level. The highest potential targets are the 106.80 and 106.90 levels. This would allow us to surpass last week’s high and strengthen the bullish position.
We need negative consolidation and pullback.
We need a negative consolidation and a pullback to the 106.30 level for a bearish option. Therefore, we would form today’s new low, which could influence us to stay low and put pressure on that level. Additional support for the dollar in that area is the EMA50 moving average. The lowest possible targets are the levels 106.20 and 106.10.
If we look at this week’s economic news, US market news will continue to dominate. In this way, we can expect the greatest impact of volatility on the movement of the dollar index.
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