The Dollar index, despite gapping up today, has reached the important resistance level at 80.40 that we noted in our last analysis and was rejected right away. Prices are pulling back down to fill the gap. The current price action remains corrective inside the triangle boundaries. We remain neutral.
As can be seen in the chart above, prices got rejected in the upper triangle boudaries. We expect the lower level at 80.10-15 to be tested. Trend remains sideways. We prefer to stay neutral until we see a formation that will increase our probabilities of a profitable trade. Sometimes it is wise not to have any position at all and that is our strategy now.
Nothing new from the daily chart as well. Prices remain in a sideways corrective pattern. We have no buy or sell signal from the daily chart.
The material has been provided by InstaForex Company - www.instaforex.com
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