The weekly claims data supported the US dollar to move towards a week high. The European bank concerns also support the dollar. The dollar has a crucial resistance at 80.46 (50 WSma) levels. The dollar index must break the 50 weeks Sma, to erase its sell on the rise strategy. The trading range is framed between the 79.50-80.46 levels.
In Asia's session, the currency pair opened with a bullish note at 80.10 levels. It is facing strong resistance at 80.20-80.25 and 80.40 (200 DSma). On the down side, 80.10 is considered as an intraday support and 79.98 (double bottom) as a weekly support. We recommend to sell only below 79.98 for 79.90, 79.75, and 79.50. The panic situation will be triggered off only below 79.50. The daily RSI favors to buy on dips.
The material has been provided by InstaForex Company - www.instaforex.com
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