US Dollar Index might be heading lower through 92.40/50 mark today, before terminating its corrective drop. The index is carving a potential lower degree Wave 2 not labelled on the chart here. Earlier, it had dropped through 91.75 levels and rallied back towards 93.65, taking out resistance at 93.47/50 levels. Thus confirming a potential bullish reversal ahead. Watch out for support around fibonacci 0.618 retracement around 92.40/50 levels in the next few hours. Good to buy on dips.
Remain long, stop @ 91.40, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain long, stop @ 91.40, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.