Dollar about to blow off - #dxy $dxy #euro $eur
The dollar index saw a swift bounce in the last few trading session only to bring it back to the 101 handle. As we speak, the technical setup in the dollar index suggest a rising bull wedge, which is likely to break out further. This is likely to happen has the fundamentals in the global markets suggest that demand for dollar due to war risk, inflation risk, geopolitical risk and still prevalent. The next resistance level for the dollar index can be found at 103 and 104 handle to upside. Both of which would be the top of the dollar during the highs of the covid-19 pandemic.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.