USD Index Trading At The End Of A Correction; Bearish Reversal In Sight

Gregor Horvat
Gregor Horvat
Forex Technical Analyst •

USD Index can be trading at the end of a three-wave bullish correction.

Good day traders! Let's look at USD Index and its intra-day movement.

USD Index can be trading at the end of a three-wave bullish correction. We can see waves A and B completed so current rally can be final wave C, with potential resistance and turning point coming in around the upper channel line or around the Fibonacci ratios of 50.0/61.8. We are also looking EUR/USD to bounce from around 1.1700 region, which means USD Index could drop lower.

USD Index, 1H

 

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Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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