After a muti month bullish run from 89 to 114.75 we can say with increased confidence that the entire upward move has been completed. Price is turning lower as to what we believe to be the first part of the corrective pull back. Price has reached the consolidation zone around 105-107 and short-term indicators suggest that we might see a bounce in the Dollar index over the coming days. So far price has retraced almost 38% of the entire rise. The most probable scenario for us is that the Dollar index will bounce higher but will return lower for a final decline towards the 100 price level and the 61.8% Fibonacci retracement level.
