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FxWirePro:US Dollar index takes support near 61.8% fibo, good to sell on rallies

  • Major support – 98.85 (61.8% retracement of 95.89 and 103.82).
     
  • Major resistance - 100
     
  • DXY has taken support near 61.8% fibo and jumped slightly till 99.35 from that level. It is currently trading around 99.16.
     
  • On the lower side, any break below 98.85 will drag the index down till 98.65 (200- day MA)/98 in the short term.
     
  • The near term resistance is around 100 and any break above will take the index till 100.40 (21- day EMA) /100.77 (55- day EMA).The near term resistance is around 99.65 (23.6% retracement of 102.26 and 98.86).

    It is good to sell on rallies around 99.25-99.30 with SL around 99.60 for the TP of 98.60/98
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