Fundamental analysis

The Dollar index fails to hold short-term support.

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Red line -resistance

Blue line- support (broken)

Green line- support

The Dollar index is trading around 110.35. There are signs that we are about to see a trend change in the near term. The Dollar index failed to break above resistance at 113.40 area, instead price broke below 111.70-111.80 support zone by the two support trend lines. Price has now reached the 110 low. Horizontal support from early October is the next line of defense for Dollar bulls. Failure to hold above 110, will be an added bearish signal that will increase chances of a bigger reversal.

The material has been provided by InstaForex Company – www.instaforex.com


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