- Long term harmonic Pattern: Bearish Butterfly Pattern
- Short term Harmonic Pattern- Bullish Cypher pattern
- Long term Potential Reversal Zone -101.52 (161.8% retracement of 98.33 and 93.16)
- Short term Potential Reversal Zone – 100.55 (161.8% retracement of 99.85 and 98.73)
- DXY has made a high of 100.17 yesterday after better than expected US Jobless claim data and slightly retreated from that level. Short term trend is bearish as long as resistance 100.60 holds.
- Any break above 100.60 will take the pair to new level 101.55.
- The Dollar index minor support is around 99.50 and break below targets 99.20/98.70/98.35/97.40
It is good to sell on rallies around 99.95-100 with SL around 101.50 for the TP of 98.70/97.40
The material has been provided by InstaForex Company – www.instaforex.com