USDOLLAR Bouncing Off Fibonacci Support on H1

25 בפבר׳ 2020

The USDOLLAR pulled back yesterday after registering as overbought on the daily time frame and running into resistance. Here we take a look at the 1 hour time frame. FXCM's dollar index is bouncing off of the 50% Fibonacci retracement support level. We can also see that the RSI has moved above 50 (blue rectangle), which is the bullish side of the oscillator. This may be indicative of a possible shift to an underlying bullish momentum. We are now looking to see if the green 5-hour EMA crosses above the orange 10-hour EMA and develops angle and separation (aqua ellipse). If so, these will be regarded as bullish developments.