Technical outlook:
The US Dollar Index is also seen to be breaking out in an upswing since March 27, 2018, after having formed a higher low at 88.94 levels as seen here. Since then, the index has been forming higher highs and higher lows and is expected to continue the same until at least 95.00 levels. Looking into the wave counts, the US Dollar Index is seen to have completed its 3rd wave just around 91.50/60 levels. Also, it is seen to have hit the 61.8 percent Fibonacci extension as well, which should act as interim resistance for now. It is therefore recommended to take some profits on positional longs taken earlier and remain flat. For aggressive traders, a short opportunity is possibly seen on cards. Please note that support begins at around 90.70 levels and extends through 90.20/50 levels going forward.
Trading plan:
Aggressive traders might want to go short with a tight risk while conservative traders please take some profits now and remain flat.
Fundamental outlook:
Watch out for German Unemployment rate at 0355 AM EST today.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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