FxWirePro: EUR/USD Triple Bottom Pattern Intensifies Renewed Bullishness, Major Downtrend Still Intact – Trading & Hedging Setup
FxWirePro:DXY hits 22-month high, good to buy on dips
US dollar index trades higher for 3rd consecutive day and jumped nearly 100 pips from low of 96.28. It hits intraday high of 98.30 highest level since Jun 2017.The index jump was mainly due to broad based US dollar buying.It has formed a minor bottom around 95.76 and shown a nice recovery .It is currently trading around 98.28.
On the higher side, near term resistance is around 98.55-60 (Trend line resistance) and any break above targets 98.95/99.27.
The near term support is around 97.70 and any break below will drag the index till 97.50/97.22 (20- day MA)/96.75.
It is good to buy on dips around 98.-98.10 with SL around 97.70 for the TP of 98.95.