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The US dollar index rose through the 105.21 highs on Thursday before finding resistance and pulling over. The index is seen to be trading close to 104.60 at this point in writing and is expected to continue lower towards 99.00. Bears need to hold prices below 105.52 to keep the structure intact.
The US dollar index is correcting/retracing following its larger degree upswing between 89.50 and 105.52. The potential target for support is seen towards the Fibonacci 0.382 retracement of the above rally. Bears are inclined to drag prices lower towards the 99.00 mark. A break below 103.00 will accelerate and confirm a further decline.
The US dollar index has also carved a lower-degree downswing between 105.52 and 103.15 in the last few trading sessions. Prices have further retraced after the above drop to 105.21, which is the Fibonacci 0.786 retracement of the same. The high probability remains for a turn lower towards 99.00 from here.
Potential drop through 99.00 against 106.52
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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