US Dollar Index holds below 93.66 levels
US Dollar Index has held below its recent swing highs around 93.66 levels, while EURUSD has dropped to fresh lows today. This is a kind of bearish divergence and might indicate short term change in price action. Though the long term trend for US Dollar might have turned bullish, it would be too early to rule out possibility for a push towards 92.50 mark from here. Please note 92.50 is also the fibonacci 0.618 retracement of the recent rally between 91.75 and 93.66 levels respectively. Ether way, good to buy on dips from here on.
Remain long, stop below 91.50, target is open.
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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 below 91.50, 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.
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