The Dollar index has given a short-term sell signal as its main component EURUSD is making a bigger than normal bounce to the upside.The longer-term trend remains bullish and for now we consider this pullback in the index as a short-term correction.
The Dollar index has made a short-term top at 95.50 and is moving lower towards 94 support where the kijun-sen indicator is found. Breaking below 94 we have the cloud support at 92.75. Trend is bearish for the short-term as long as price is below 95.20.
The longer-term trend remains bullish, but on the daily chart we have a sell signal that could justify a few days of pullback towards 93.75. Important support is found at 93-92 and it will be critical for the longer-term trend to see how market treats those levels.
The material has been provided by InstaForex Company - www.instaforex.com
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