empty
 
 
18.10.2021 04:04 PM
The Dollar index remains below key Fibonacci resistance.

The Dollar index has tried the last three weeks to push above the Fibonacci resistance level of 94.50, but all attempts have failed. Price is now vulnerable to a move lower as the resistance of 94.50 seems to strong for bulls to break.

This image is no longer relevant

Green lines - Fibonacci retracements

The Dollar index remains in a short-term bullish trend but a rejection at current levels could bring price back towards 91.70-92. If bulls manage to break above the resistance at 94.50 we should expect the index to continue towards the next target of 96.15. With EURUSD the major component of the Dollar index, having provided a bullish reversal signal and with potential to move higher, the Dollar index most probably will get rejected at the 38% Fibonacci level. Dollar bulls need to be very cautious.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback