My outlook for DXY is for price to continue dropping after the recent mitigation of a supply zone, which has already supported the bullish move we’ve seen on EU. I’m expecting further downside from here.
If price does push higher, there is a clean supply zone above that I’ll be watching closely, as I believe it could present another strong opportunity for the dollar to roll over and continue lower.
Confluences for This Bias:
• Price has recently mitigated a strong supply zone
• Overall structure remains bearish
• Liquidity resting below that price may look to target
• Price is within a valid dealing range
P.S. If price breaks above the current high, I wouldn’t be surprised to see a short-term bullish push before any further downside.
If price does push higher, there is a clean supply zone above that I’ll be watching closely, as I believe it could present another strong opportunity for the dollar to roll over and continue lower.
Confluences for This Bias:
• Price has recently mitigated a strong supply zone
• Overall structure remains bearish
• Liquidity resting below that price may look to target
• Price is within a valid dealing range
P.S. If price breaks above the current high, I wouldn’t be surprised to see a short-term bullish push before any further downside.
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