The US Dollar Index (DXY) continues to get bullied by bears as price approaches 91.400. In the meantime, Ethereum creates new highs while returning profits for price action traders.
Yesterday’s daily closure for the DXY was a significant bearish candle and it was below the key psychological level of 92.000. As a result, price continued to fall as bearish momentum piled on. Traders can take advantage of this by going long for the majors but should keep a close eye on the DXY once it reaches 91.400.
Price action analysis completed yesterday indicated that Ethereum was set to move higher. The analysis turned out to be correct as the price went up +5.02% since yesterday. The next target is the 2500 psychological level which should be attained after price completes its retracement.
Tomorrow we have the US core retail sales and current forecasts are bullish. Traders saw the Dollar ignore positive CPI data earlier this week, so it will be interesting to see what the Dollar does this time around.
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- Read yesterday’s breakdown: Dollar to Visit 91.400 + ETH Longs Entered
