Implications and Outlook
1. The US Dollar exploded higher during the Thursday’s session reaching higher towards the 111 handle and above. The 110 handle underneath continues to offer strong support and any pullback in the short term will provide value in the market. The wide interest rate differential will tend to favor this market and will keep the market positive.
2. Price action is continually confirming the value of the intermediate-term Currency Rally of 111.970 and medium-term Currency Rally of 112.780.
3. With the new Key Resistance development will undoubtedly bring short-term bearish implications, having downside targets to Mean Support 110.000 and Key Support of 108.760.
4. Current bullish/bearish bias is 90/10
1. The US Dollar exploded higher during the Thursday’s session reaching higher towards the 111 handle and above. The 110 handle underneath continues to offer strong support and any pullback in the short term will provide value in the market. The wide interest rate differential will tend to favor this market and will keep the market positive.
2. Price action is continually confirming the value of the intermediate-term Currency Rally of 111.970 and medium-term Currency Rally of 112.780.
3. With the new Key Resistance development will undoubtedly bring short-term bearish implications, having downside targets to Mean Support 110.000 and Key Support of 108.760.
4. Current bullish/bearish bias is 90/10