The first signs of strength were shown yesterday in the Dollar Index. Prices have paused their decline at the price level we were talking about all this time. The 61.8% Fibonacci retracement has proven important support and as expected, prices have made a short-term trend reversal from that level. The downward sloping wedge was broken upwards.
The Dollar index as shown above shows the first signs of strength. As we mentioned in previous posts, we would go long only on signs of strength. Any pull back below 80 would not be good for bulls. On the other hand, the trend seems to have reversed upwards and bulls need now to break above 81 in order to change upards in the intermediate term, target is 82-83.
Breaking above the red rectangle resistance will bring prices at least towards the blue elcipse area near 82.50. We are bullish as long as prices trade above 80. Our longer-term target is 82.50-83. Confirmation above 81.
The material has been provided by InstaForex Company - www.instaforex.com
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