The U.S. Dollar Index has been mainly influenced by new lows in EUR/USD after breaking below 1.30. It is heading higher, maintaining its bullish trend. Both short and intermediate term trends remain bullish. The short-term support is found at 83.25-15 level, whereas intermediate-term support is found at 82.85 price level. As the chart shows below, prices follow a distinctive bullish pattern.
The Dollar index continues to make higher highs and higher lows. This way it maintains bullish momentum and helps traders raise their stops accordingly to protect their positions. Being long in this index would need to use 83.25 as stop for any short-term trade. If prices continue to trade above that level, we will be expecting to see 84.05 till the end of the week.
The bullish trend is supported also by the fact that the 50 day MA is below the current trading level supporting our view. We expect prices to continue higher as long as 83.25 is not broken. For longer-term traders, the 80 price level is the most significant. The longer-term view does not have a clear trend. It looks like it is trading sideways. That is why we are going to focus on short and intermediate term.
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