Dollar: Weekly Forecast 24th - 28th February 2020
The dollar broke a 34-month high but faced strong resistance just before reaching 100.
The reversal came as soon as the U.S. reported a disappointing Markit manufacturing and services PMI.
But what really caused the dollar to fall is simply due to overbought sentiment.
The pullback is most likely temporary but the price is most likely to retrace further before it rebounds and resumes appreciation.
Watch for the demand zone at 98.7 to buy the dollar again.
The reversal came as soon as the U.S. reported a disappointing Markit manufacturing and services PMI.
But what really caused the dollar to fall is simply due to overbought sentiment.
The pullback is most likely temporary but the price is most likely to retrace further before it rebounds and resumes appreciation.
Watch for the demand zone at 98.7 to buy the dollar again.
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