Technical outlook:
The US dollar index has pushed through 92.62 mark after finding support below 92.50 level on Tuesday. The index might attempt to push through 93.00/10 level, which is also the fibonacci 0.618 retracement of the drop between 93.72 and 91.94 (not shown here). High probability remains for bears to be back in control thereafter.
The US dollar index is producing a counter trend drop since 93.72 highs. It is expected to drag toward 90.80-91.00 zone, to complete the corrective structure, before resuming higher again. Furthermore, the fibonacci 0.618 retracement of rally between 89.50 and 93.72 is also passing through 91.00 mark, as bulls prepare to come bacck in control.
The medium-term structure remains bearish for the US dollar index towards 91.00 mark, against 93.75. Also note that the trend line support is also seen through 91.00 level, which would aide the proposed bullish reversal.
Trading plan:
Potential drop towards 91.00, against 93.75
Good luck!
