Dollar index: Support at 102.90 with EMA50 moving average

Dollar index chart analysis

During the Asian trading session, the dollar consolidated at the 102.90 level. We had additional support at that level in the EMA50 moving average, which pushed the dollar at the beginning of the EU session. We returned above the 103.00 level very quickly and formed the current high at the 103.27 level.

From that level, we have a minor pullback to the 103.15 level, and we expect that we will soon receive new support and begin a continuation of the recovery. Potential higher targets are 103.40 and 103.50 levels. For a bearish option, we need a negative consolidation and withdrawal of support at the 102.90 level. Then we need a break below 102.80 and EMA50 to continue on the bearish side. Potential lower targets are 102.60 and 102.40 levels.

Today we are shortening the working hours of the stock market and the US session due to the Independence Day holiday tomorrow. After the holidays, we will have a handful of strong news from the US economy in the second part of the week. On Wednesday, we will have the Fed’s report first, while on Friday, we will have the NFP and unemployment reports.

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