USD Index Continues to Drop

Today we have seen price within the US Dollar Index show further weakness. Price yesterday closed with an inside bar which could have led to a retracement, however price today rolled over to the downside breaking through the -27.2% Fibonacci extension leading price down to -61.8% Fibonacci extension.

As you can see the -61.8% Fibonacci extension aligns closely with the 11990 support. The US Dollar index has been showing lower highs and lower lows for some time which is bearish market structure, until the market structure changes market participants could expect to see further bearish movement.

Today's positive US news did not leave a significant positive impact on the US dollar index and price remained relatively unchanged.

Chart: USD Index D1