The U.S. Dollar Index seemed to confirm its move higher yesterday. Then today, it moved back below 82 …
The dollar’s close above its 50% Fibonacci retracement yesterday seemed to clear the way for a run up to roughly 83.38. Now, we see the U.S. dollar index moving lower again. Were the dollar bulls played yesterday, or are the bears being offered a chance to short the market, only to have their dreams shattered (again!).
The news driving this is that the new plan to have the IMF bail out Greece is helping the euro. Is that really it, or is this just the players manipulating the marks in the market?
So keep your eye on that 82 level in the U.S. dollar index. We’ll have more clarity after the close of trading today. I know waiting is hard, but stay tuned.
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