The US Dollar Index found bids at around the YTD lows at 100.788. (Pivot Orderbook analysis)

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• The US Dollar Index found bids at around the YTD lows at 100.788.
• USD bulls must retake 104.000 to challenge YTD high at 105.883 and maintain a double-bottom approach.
• Contrarily, USD bears must reclaim 100.788 to test the 200-week EMA at around 99.117.

The pair currently trades last at 101.58.

The previous day high was 101.6 while the previous day low was 100.85. The daily 38.2% Fib levels comes at 101.14, expected to provide support. Similarly, the daily 61.8% fib level is at 101.31, expected to provide support.

The US Dollar Index (DXY), a basket of six currencies against a basket of peers, snaps three days of straight losses and climbs 0.56% as the New York session ends. At the time of writing, the DXY exchanges hand at 101.570 as a bullish engulfing candle pattern emerges in the daily chart.

From a weekly chart perspective, the US Dollar Index remains upward biased. The DXY’s fall from around September 2022 highs at 114.728 towards 2023 lows of 100.788 bottomed around the latter, depicting a double bottom formation. Furthermore, the 200-week Exponential Moving Average (EMA) sits comfortably at around 99.117. The Relative Strength Index (RSI) is in bearish territory, but in the recent dip, the RSI is bottoming higher than the prior’s through. The Rate of Change (RoC) also displays that selling pressure is waning, which could pave the way for further upside.

Upside risks in the DXY lie at the confluence of the 50 and 20-week EMAs, around 103.893-103.930. The break above will expose the 2023 high at 105.883, the last peak, before clearing the way toward 111.000, the double-bottom initial target.

Conversely, the US Dollar Index’s first support would be 100.788. A dip below, and nothing would be in the way toward the 200-week EMA at 99.117.

Technical Levels: Supports and Resistances

EURUSD currently trading at 101.58 at the time of writing. Pair opened at 101.02 and is trading with a change of 0.55 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 102.41, 50 SMA 103.49, 100 SMA @ 103.57 and 200 SMA @ 106.4.

The previous day high was 101.6 while the previous day low was 100.85. The daily 38.2% Fib levels comes at 101.14, expected to provide support. Similarly, the daily 61.8% fib level is at 101.31, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 100.71, 100.4, 99.96
• Pivot resistance is noted at 101.46, 101.9, 102.21

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