The Dollar index is trading around 92.39. Price is trading around major Fibonacci retracement level which is very common for reversals. Also another technical indicator provides a warning to Dollar Bears.
Red lines- bullish divergence
Green lines -Fibonacci retracements
The Dollar index is in a short-term bearish trend making lower lows and lower highs. The RSI indicator in the 4 hour chart did not follow price to new lows. The RSI made a higher low. This is a warning for bears. This is a bullish divergence. This condition justifies a trend reversal as the downtrend is weakening. Price is also around the 61.8% Fibonacci retracement which is a very common level for trend reversals. Will we see a trend reversal soon? It is justified but so far we have no sign of such a reversal. Only warning and indications of a possible reversal.