Will EU CPI support a quick rebound of DXY?
Macro theme:
- The dollar hovered near its lowest in over a year but downside momentum is fading as markets have already priced in Sep easing.
- A short-term rebound is possible if the EU CPI continues its downward trend this week.
Technical theme:
- DXY formed a small double-bottom pattern around 100.50 in the 4-hour chart and bounced up to retest its neckline, which is confluence with EMA21, indicating a potential trend shift.
- If DXY closes above its neckline around 100.90, the index may retrace further to retest the previous swing high around 101.60.
- Conversely, DXY may retest the bottoms again if it closes below 100.80.
- The dollar hovered near its lowest in over a year but downside momentum is fading as markets have already priced in Sep easing.
- A short-term rebound is possible if the EU CPI continues its downward trend this week.
Technical theme:
- DXY formed a small double-bottom pattern around 100.50 in the 4-hour chart and bounced up to retest its neckline, which is confluence with EMA21, indicating a potential trend shift.
- If DXY closes above its neckline around 100.90, the index may retrace further to retest the previous swing high around 101.60.
- Conversely, DXY may retest the bottoms again if it closes below 100.80.
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