Forex Analysis by FxPro Financial Services Ltd (Alexander Kuptsikevich) covering: EUR/USD, EUR/USD exchange rate cash Futures, EUR/USD Future, Euro Futures. Read FxPro Financial Services Ltd (Alexander Kuptsikevich)'s latest article on Investing.com
After starting the week in retreat, the US dollar reversed sharply higher in the European session on Tuesday and is on the offensive on Wednesday. Dollar bulls have returned to active buying after a long but shallow correction from earlier this month's peak.The Dollar Index peaked at 107 in early October after twelve weeks of gains. The market was then dominated by profit-taking. However, the pullback from the 107.1 peak was relatively shallow, and the DXY corrected 76.
The DXY index also approached its 50-day average but failed to touch it and was just minutes below its 76.4% retracement.In general, it is too early to talk about a continuation of the dollar rally, and it is better to wait for confirmation in the form of an update of the previous local highs at 107.1.
Secondly, we note the strong dollar buying impulses on Tuesday and 12 October, suggesting impressive demand on the downside. Bearish: We are currently @ 158.51 in a new channel in a range. We have convergence for the continuation. We are looking for a continuation to the ATR target@ 157.79 with the...
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