The Dollar index continues to rise in an impulsive pattern making higher highs and higher lows. Prices are heading towards the previous highs resistance area of 81.50. The short-term trend remains bullish as the 80.40 support remains intact. The short-term trend will remain bullish, as long as prices trade above the purple trend line support as shown in the chart below.
The 81 level is important short-term support. Prices are unfolding upwards in an impulsive pattern and are expected to continue like this. We expect the previous high to be broken soon and the Dollar index to continue towards 82.50. I believe that short and intermediate term trend is bullish now, and we will have confirmation when prices break above 81.50.
The daily chart shows how close we are to breaking the previous highs. Breaking above 81.50 will technically open the way to 82.50. Prices continue to make higher highs and higher lows from 79.70. The trend has reversed up, and we should expect prices to continue higher. We prefer long positions, as long as prices trade above 80.40 on a daily level.
The material has been provided by InstaForex Company - www.instaforex.com
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