USD Index Bearish Move Continues

An updated USD Index analysis shows how the US dollar has been performing since our last publication. On Monday we saw how price had been showing a retracement and that price was showing signs of printing a new lower high at the 61.8% Fibonacci level, which could have lead to a new lower low forming.

This has happened over the last week and we have seen price fall past the 0% level (previous lower low) and is sitting just above the -27.2% Fibonacci extension. At the 61.8% Fibonacci retracement we also had a rejection from the 20EMA which gives more confluence.

We are now looking for price to continue bearish with the next target being the -61.8% extension which aligns with the 11980 support area.

No major news are scheduled for today so we can expect price behavior to continue unbothered.

Chart: USD Index D1