Outlook still remains bearish, as there is not enough confluence to call a trend reversal yet. Price broke through the descending trend line, however downtrend structure still remains as price is making lower lows & highs. Key resistance level above at the last lower high near the 1.10700 area, where if price fails to break this level will continue lower as monthly timeframe is still showing a lot of bearish pressure.
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D1: Bigger picture price could look to create an inverse H&S formation
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Dollar index DAILY: Uptrend still intact, as price reacted off support Friday, along with the ascending trendline
Yes, this is a short term pullback as weekly chart needs to touch 1.12-1.125 before a big another 500 pip fall down. As prices has been doing that for the last 12-18 months.