The index is under pressure and looks forward to consolidating the price action below the 200 SMA. Currently, we’re expecting a leg lower to reach the support zone of 89.36, where the bulls could appear on the scene in order to take it to re-test the resistance zone of 90.63. To the downside, if such support area gives up, then the doors will open to reach the 87.88 level.
H1 chart’s resistance levels: 90.63 / 91.75
H1 chart’s support levels: 89.36 / 87.88
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 89.36, take profit is at 87.88 and stop loss is at 90.81.The material has been provided by InstaForex Company – www.instaforex.com
The index is under pressure and looks forward to consolidating the price action below the 200 SMA. Currently, we’re expecting a leg lower to reach the support zone of 89.36, where the bulls could appear on the scene in order to take it to re-test the resistance zone of 90.63. To the downside, if such support area gives up, then the doors will open to reach the 87.88 level.
H1 chart’s resistance levels: 90.63 / 91.75
H1 chart’s support levels: 89.36 / 87.88
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 89.36, take profit is at 87.88 and stop loss is at 90.81.The material has been provided by InstaForex Company – www.instaforex.com
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