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The US dollar index rose to a high of 103.30 after finding support around 102.00 on Thursday. The index tested 103.21 on early Friday before pulling back towards 103.05 at this point in writing. Bears will remain inclined to hold prices below the 104.88 mark to come back in control again. Watch out for a sharp bearish reversal soon.
The US dollar index is facing intraday resistance around the 103.40-50 zone, which is close to the Fibonacci 0.618 retracement of the recent downswing between 104.88 and 101.08 levels respectively. The corrective phase, which had begun at 104.88 highs, seems to have completed two waves around 101.08 and 103.21 levels respectively.
The US dollar index might be preparing to resume its third wave lower towards 99.00 and up to 95.00 to complete the corrective phase. The boundary that is being worked upon is between 89.50 and 104.88 levels respectively and 99.00 is the Fibonacci 0.382 retracement of the same. The bulls might be back in control.
Potential drop through 99.00 against 105.00
Good luck!
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