US Dollar Index to trade in a higher 94-96 range on a break of 1.16 in EUR/USD – TDS

The USD leg looks reasonably firm now, particularly with EUR/USD now through notable 1.1664 support. A break of 1.16 could draw in momentum players and open up a new higher trading range for the US Dollar Index.

Momentum players salivate

“The bias remains to the downside where 1.16 marks very critical support from a technical point of view. A break of this level will be rather pivotal for momentum players.”

“A break of 1.16 in EUR/USD would likely open up 94/96 as the next higher range for the DXY.”