Nothing much new with the Dollar index today. Prices remain weak below important resistance area of 81-81.50. There is no clear upward or even downward impulsive move. Prices make overlapping formations in both ways and things remain unclear. This is indicative of the sideways move we remain. That is why we prefer to remain neutral or short below 81.50.
Prices remain above the broken triangle boundaries as mentioned yesterday. The hovering above this broken trend line is a bullish sign but not strong enough to make us open long positions. Short term resistance is found at 80.85 and if broken we could have a retest of the 81.15 previous short-term high.
Nothing much new in the daily chart as well. Prices remain below important resistance area. No clear sign of a trend. Market forces neutralize one another and that is why we have no direction. Prices are expected soon to start a new trend and that is why we have to remain patient and neutral. Sometimes it is wiser not to have a position than have one.
