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- US dollar Price Analysis: Bears take out critical support on H4 chart
US dollar Price Analysis: Bears take out critical support on H4 chart
- US dollar is pressured as the week gets going following the holidays.
- The bears have broken a key structure on the 4-hour chart.
As per the prior analysis from early in the day, the US dollar remains under pressure and has recently taken out a very key structure on the four-hour charts. The following illustrates the potential for a significant correction in the days ahead.
It was explained that the price was running into resistance but the bears needed to get below the 4-hour support if there were going to be prospects of a deeper correction for the sessions ahead.
DXY prior analysis
US dollar live update
The price broke below the 109.80s and is not headed towards a key area in the 108.90s for the day ahead if the bears can get below the trendline support.
A break here opens risk towards 108.50 and then a 38.2% Fibonacci retracement below there near 108.10. The neckline of the harmonic pattern is located all the way down at 106.93.
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