Connect with us

Hi, what are you looking for?

Economy

Dollar index in retreat after EBC interest rate hike

The U.S. dollar rallied on Monday. What about the Sterling?

Dollar index in retreat after EBC interest rate hike

  • Yesterday, the dollar index fell by 130 points from 103.30 to 102.00.

Dollar index chart analysis

Yesterday, the dollar index fell by 130 points from 103.30 to 102.00. The increase in the interest rate by the ECB and leaving the interest rate at the same level by the FED led to the fall of the dollar to a new one-month low.

During the Asian session, the dollar was calm, consolidating in the 102.10-102.30 range. We remained in that range in the EU session and continued with the lateral consolidation. We need a positive consolidation and a break above the 102.30 level for a bullish option. Then we need to hold up there in order to consolidate again and start a new bullish impulse and dollar recovery. Potential higher targets are 102.40 and 102.50 levels.

We need a negative consolidation and pullback below the 102.00 support level for a bearish option. After that, the dollar would continue to slide and form a new low. Potential lower targets are 101.90 and 101.80 levels.

Dollar chart analysis

The post Dollar index in retreat after EBC interest rate hike appeared first on FinanceBrokerage.

You May Also Like

Trading Secrets

On this week’s edition of Trading Simplified, Dave continues to show his methodology in action with a new mystery chart. In his “Mind the...

Trading Secrets

Wall Street sold off dramatically on Friday after the jobs report. While the economy is stagnating, many investors are concerned that the Fed will...

Trading Secrets

In this special presentation from StockCharts TV‘s The MEM Edge, Mary Ellen highlights the unique characteristics of a new bull market, along with the...

Investing

Everyone is curious to know how the stock market will react to the debt ceiling deal announcement that happened over the weekend. Republicans and...