pete002

DXY at the crossroads

INDEX:DXY   U.S. Dollar Index
The dollar index             has reached a key level and where it travels from here is tied to the forthcoming ECB QE decision.

We have the current price snuggled up to an important support/resistance line which is in confluence with a 1.272 extension from the Jun 2010 - May 2011 swing down.

Depending on the QE outcome we could define our dollar bias for the near future, if the decision causes price action to continue north with a close above the line - buy the dollar. If the decision causes price action to reverse and head south with a bearish candle close under the line, short the dollar/ buy euro             .

In effect a simple bull/bear line - Trade well

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