The US dollar index rose through the 107.00 level intraday on Thursday before finding resistance and pulling back. The index is seen to be trading close to 106.20 at this point in writing as a probability remains for yet another low towards the 104.00 level. The bulls are looking poised to come back in control thereafter and resume the larger-degree trend higher.
The US dollar index looks to be still progressing into its Wave C lower towards 104.00. Please note the last leg resumed lower from the 112.67 highs after hitting the back side of the past support trend line as seen on the 4H chart here. Also, note that the Fibonacci 1.271 extension is pointing towards 103.80, which could be the next potential downside target.
The US dollar index is facing immediate price resistance at 110.60, followed by 112.67; while support is seen towards 104.30 as seen on the chart presented here. Please note that the entire structure from the 114.67 highs still looks corrective with one more potential low left to be printed close to the 104.00 mark before the rally could resume.
Potential drop to 104.00 and then the price resumes higher again
Good luck!
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