The US Dollar Index failed to produce a new high while EURUSD tested 1.1460 levels yesterday. We would like to bring to your notice that this is a diverging scenario, which could indicate a potential trend reversal ahead for the respective instruments involved here. Also note that interim resistance remains at 96.00, followed by 96.12/20 levels and till prices remain below that, we could expect US Dollar Index to head south. Looking at the entire wave structure again, an impulsive drop, labelled as Wave A, has been followed by an expanded flat correction labelled as Wave B potential at 96.12 levels. If this holds well, the next major move could be an impulse drop towards 92.00 levels going forward.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.