The US Dollar Index (DXY) faced selling pressure near 107.25, ending a three-day winning streak during the early European session on Monday (03/03). Rising expectations that the US Federal Reserve (Fed) will cut interest rates by a quarter percentage point twice by the end of this year dragged the DXY lower.
Technically, the bullish outlook for the DXY remains in place as the index is holding above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, the 14-day Exponential Moving Average (EMA) is hovering around the midline, suggesting that further consolidation cannot be ruled out in the near term.
On the upside, an immediate resistance level for the US Dollar Index emerges near 108.45, which represents the high of February 10 and the upper boundary of the Bollinger Band. Sustained trading above this level could open the way towards 109.80, the high of February 3. An additional upside filter to watch is the psychological level of 110.00.
On the other hand, the 100-day EMA at 106.70 acts as an initial support level for the DXY. A decisive break below the mentioned level could reveal a major resistance level at 106.00, which represents the round number and the lower boundary of the Bollinger Band. Further down, the next downside stop to watch is 105.41, the low of December 6, 2024. (Newsmaker23)
Source: FXstreet
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