After rising relentlessly for 5 consecutive days, Dollar bulls faced stiff resistance today. The negative divergence in RSI has been indicative of an impending short term reversal which would push the prices back into the channel and this materialized today.
Now the price is sitting on the lower boundary of the channel and a strong support zone. If the bulls fail to put themselves together at this point, the channel will break to the downside and this will most probably commence a selling pressure that will push the price into much lower levels.
Now the price is sitting on the lower boundary of the channel and a strong support zone. If the bulls fail to put themselves together at this point, the channel will break to the downside and this will most probably commence a selling pressure that will push the price into much lower levels.