A new higher high followed by an immediate pull back. Is this a back test or another failed break out above 98? A failed break out will increase the chances of another big reversal towards 96-95 or even a bigger one as we remain around the major long-term 61.8% FIBONACCI retracement level….
The Dollar index is at a crucial level. Bulls want the previous resistance now support at 98-97.70 to hold and the index to reclaim and stay above it. Otherwise the bears might take control once again and push prices lower towards 95.50 again.