A Decending triangle pattern maybe forming
Lower low in the making
Major downtrend still in play
A weekly close above the monthly resistance (12059) areas should push the index to further high. Therefore, if there is a bearish price action formed right below the monthly resistance the dollar index shall stay in the range.
Waiting to short on retracement levels
Time for retracement... waiting for a nice bearish P.A around 0.75400 areas for Short entries...
A daily close above 12041 levels shall push the index towards 12140 levels
Entry : 1.10000
Target 1 @ 1.08380
Target 2 @ 1.06800
Short Invalidation @ 1.11080
Downside Target @ 122.880 - 121-950
Short trade invalidation @ >124.530
Long targets :
Target 1 : 1.58891
Target 2 : 1.60623
Target 3 : 1.65156
Long trade Invalidation zone
Long orders will be executed on a clear 4H close breaking the downtrend line.
Fibonacci Extension upside targets
Target 1 @ 1.58885
Target 2 @ 1.60627
Invalidation level @ 1.52000
Waiting for a Daily close below 1.08061 levels to enter short orders.