US Dollar Index
might have completed its counter trend rally towards 100.00 and has resumed lower again. Today's intraday high was registered at 99.98, before the index reversed. Earlier, the US Dollar Index
carved a bearish drop
between 100.56 and 99.00 levels respectively. It has now managed to produce a counter trend rally towards fibonacci 0.618 of the above drop
around 100.00 levels. A bearish
turn here, should drag prices lower towards 97.50 at least and ideally towards 94.65 levels as Wave 3 progresses further. The US Dollar Index
has already carved Wave 1 and 2 around 98.27 and 100.56, as labelled on the chart here. Wave 2, unfolded as a potential triangle and terminated around 100.56. Since then, Wave 3 seems to be unfolding and ideally prices should stay below 103.00 to keep the bearish
Short against 103.00, targeting below 94.65.
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