DXY hit our 1 month target. Will it bounce soon?

Exactly 1 month ago we made a bearish call on the U.S. Dollar Index (DXY) after the 1D RSI printed a series of Lower Highs, showcasing a Bearish Divergence:

Target 1 (103.650) has been hit as the price touched the Pivot trend-line of the 11 month Megaphone pattern. We are moving Target 2 higher at 102.500, which is still near the 3.0 Fibonacci extension (the target of the previous 2 Bearish Sequences of the Megaphone) but is also at the bottom of the Channel Up pattern (dotted trend-lines) that may emerge.

With the 1D RSI oversold on that target, as on the July 14 Low, we expect a rebound, and at least on the short-term we will target Resistance 1 (previous Lower High of the bearish sequence) at 104.550 on a potential contact with the 1D MA50 (blue trend-line).

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇