The Dollar Index is trading slightly lower today at 105.751, down by 0.05%. Currently, the index is positioned above its pivot point at 105.521, indicating a potential for continued bullish momentum.
Immediate resistance levels are found at 106.111, 106.536, and 107.097, which need to be breached to confirm further upward movement. Conversely, support levels are established at 104.901, 104.434, and 103.865, marking critical thresholds that could trigger a deeper sell-off if broken.
The 50-day Exponential Moving Average (EMA) at 104.641 and the 200-day EMA at 104.041 both provide underlying support, reinforcing the bullish sentiment as long as the index remains above the pivot point. A decisive move below 105.521, however, could shift the outlook to bearish, suggesting a potential for a sharp decline in the index.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.