Confirmation of the Pull-Back
- Series of Lower Lows
- Euro Strength?
- Commodities compared to the dollar
- The 50-SMA and its distance away
In essence, what we have here is a daily chart of the dollar index showing a reversal with mild confirmation. The reversal was triggered by a stalling above 12,000 and the decline has been occuring but with one speed bump.
The next motive would be to expand the average true range and reach a point where the dollar falls faster, and we make a move down toward (at or below ) the 50-Simple moving average.
After all is said and done, the dollar has a firm base of support just above 11,850 and that would be a good reference for a moderate support point.
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