USDOLLAR Bouncing Off Fibonacci Support on H1
The USDOLLAR pulled back yesterday after registering as overbought on the daily time frame and running into resistance. Here we take a look at the 1 hour time frame. FXCM's dollar index is bouncing off of the 50% Fibonacci retracement support level. We can also see that the RSI has moved above 50 (blue rectangle), which is the bullish side of the oscillator. This may be indicative of a possible shift to an underlying bullish momentum. We are now looking to see if the green 5-hour EMA crosses above the orange 10-hour EMA and develops angle and separation (aqua ellipse). If so, these will be regarded as bullish developments.
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