• Bulls pushed the dollar index back to the ascending channel
• Each day, they are trying to prove that the bear breakout was false
• Buyers gave up very close to the descending trend line resistance near 101 figure
• Since the bear breakout seems like a false one, it is more likely that the bull run still has room to go with a final target around 103 previous pivot high
• We had a 9 day consecutive bull bars; that means the buying pressure was climactic therefore we should expect a correction
• Each day, they are trying to prove that the bear breakout was false
• Buyers gave up very close to the descending trend line resistance near 101 figure
• Since the bear breakout seems like a false one, it is more likely that the bull run still has room to go with a final target around 103 previous pivot high
• We had a 9 day consecutive bull bars; that means the buying pressure was climactic therefore we should expect a correction
Ramzi Abou Abdallah, CFTe, CMT
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