I am still a bull on the dollar despite its recent downward momentum .
The price broke the bottom of the range today of 111.500 and currently sitting at support WM2 and bulls will look to enter as I indicated on my previous analysis. If the price breaks below this support zone , we might be looking at 110 as our next support on this pair.
The market is still showing a great deal of downward momentum and we can tell with the distance between the 21 / 55 EMAs . Although the stochastic is well oversold and we sitting at support , the bears might still continue to push the price further down.
We might see bulls enter the market at this support zone and try to push the price back up but looking at the fundamental news still to come tomorrow and having Fed Chair Yellen speak ,one has to be cautious with the trade.