The US dollar has fallen during most of trading on Monday, testing the 111 level for support. It did find it there, and I think we are ready to continue to reach to the upside, perhaps reaching towards the 113 handle. The 50 EMA is just below, so there is a certain amount of psychological importance that as well. I believe that the selloff is being tested, and I think that we will turn around to go higher from here. By forming a hammer, it’s a perfect technical signal, and I think a lot of traders will be paying attention to that. Ultimately, I do believe that the buyers are coming back as there is a proclivity for the US dollar overall, and the selloff may have been a bit overdone.
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