Blue lines- Fibonacci retracement levels
The Dollar index is trading around 102.86 after making earlier today a low at 102.44. The Dollar index as expected has reached the 61.8% Fibonacci retracement of the entire rise. This retracement level is where we usually see trend reversals. The Dollar index is now bouncing off this retracement level. Technically trend remains bearish as price continues making lower lows and lower highs. At current levels I prefer to be neutral if not bullish. The RSI has reached oversold levels and combined with the fact that we are trading around the 61.8% retracement, the chances of a reversal have increased.
