USDOLLAR Index Goes Up

USDOLLAR Index chart shows an attempt to recover from the massive losses that have occurred since the beginning of the year. Price recently (last week) has shown a rejection from the 11855 support. This has formed a lower low and we are now watching for a new lower high to form.

We have confluence at the 11980 support turned resistance, which aligns with the daily 20EMA and the 38.2% Fibonacci retracement. We will be watching to see if price forms a new lower high at this point, to continue bearish for a new lower low.

Clearly, this has been the year of the Euro, as its main counterpart, the US dollar has declined from 12700ish to below 11900. This could be an attempt to turn the market sentiment and go after the gains.

Chart: USDOLLAR D1