DXY - USD index have re-established a weekly high @98.57 breaking its previous high and on its way towards the 99.00 basis point handle. thus leading the UUP - Power Shares DB Bullish
Fund slightly above the 25.47 nearing the target level @26.00 last seen January 29, 2016. The resiliency of the USD has drawn quite a good sentimental support from bullish
players for the USD as the European currency majors continue to dwindle lower with the EURO
taking a considerable beating below the 1.0900 started from the US session that carried it thru in early Asian session.
Price action has remained in negative territory for the European currency pairs until such time a good fundamental arises. So far we do not see any forth coming knee jerking moves to state a strong price recover. The same manner we have stated with US Equities. That any incremental declines including the recent drop below the 18k had served to be a mere corrective move as stated in our previous blogspot ' Consolidating pattern within Directional Trend.