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FxWirePro:U.S Dollar index forms Bullish Cypher pattern, good to buy on dips

  • Pattern Formed – Bullish Cypher pattern
     
  • Potential Reversal Zone (PRZ)- 99.23.
     
  • DXY has recovered sharply after declining till 100.02 at the time of writing . The index is currently trading around 100.34.
     
  • On the higher side, near term resistance is around 100.47 (100- day EMA) and any break above will take the index till 100.95 (100- day MA)/101.40 (61.8% retracement of  102.26 and 100.02).
     
  • The near term major support is around 100 and any break below 100 will drag the index down till 99.25 .

    It is good to buy on dips around 100.10-15 with SL around 99.75 for the TP of 100.95/101.40
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