The US dollar went sideways initially on Wednesday, and then rallied towards the 109 level. However, we are starting to see a selloff during US trading, and it now looks like we are testing the bottom of the overall consolidation area again which is at the 108.50 level. A breakdown below there could send this market down to 105, but we could also find a bit of support in this area. A daily close below that level has me going short. Otherwise, I would anticipate another bounce from that area, offering a short-term buying opportunity.
Written by FX Empire