Looking at the monthly chart, the DXY is breaking below the medium-term uptrend line from 92 level. This is also the break below the strong horizontal uptrend support 99 level. This could now open almost 8 points fall in the index into 90 level.
The daily chart of the DXY Index is revealing also the break below 200 SMA 99.15 level. This moving average was not broken to the downside from the October 2016. The ABC extension after the broken trend line and 200 SMA indicates 96 level target near-term.
If the above mentioned DXY scenario, which is based on current price action, becomes true, then we will have EURUSD breaking above the 1.10000 level for the first time since November 2016 and a likely ABC extension into 1.12830 level.
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