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DXY, H4 Potential for Bullish Continuation

40636 dxy h4 potential for bullish continuation

Type: Bullish RiseKey Levels:Resistance: 103.225Pivot: 102.592Support: 101.856Preferred Case:On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 102.592 at the swing high to the 1st resistance at 103.225 in line with the 50% fibonacci retracement and 100% fibonacci projection.Alternative Scenario:Price may also reverse off the pivot and drop to the 1st support at 101.856 in line with the 61.8% fibonacci retracement.Fundamentals: with rising fears of recession, the US dollar weakened as markets cut back on a more hawkish Federal Reserve next year.

Source: Tickmill

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