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The US Dollar bears gained the upper hand on Tuesday, after failing to break above the 154.45 resistance area, pulled the pair lower during the European trading session, to test support at the 153.25 area, where bulls were capped on October 9 and 27.
💡 DMK Insight
The US Dollar’s struggle at 154.45 resistance is a critical moment for traders. With the pair testing support at 153.25, which has previously held firm on October 9 and 27, this level becomes pivotal. If it breaks, we could see a deeper pullback, possibly triggering stop-loss orders and inviting further selling pressure. The broader context shows a bearish sentiment gaining traction, especially as the dollar index faces headwinds from economic indicators suggesting slowing growth. Traders should keep an eye on the upcoming economic data releases that could influence sentiment further. On the flip side, if bulls manage to reclaim momentum and push above 154.45, it could signal a reversal, leading to a potential rally. Watch for volume spikes around these levels, as they could indicate institutional interest. The next few days will be crucial—monitor the 153.25 support closely for signs of strength or weakness.
📮 Takeaway
Watch the 153.25 support level closely; a break could lead to further downside, while a bounce may signal a potential rally back towards 154.45.
