The pivotal point today looks likely to be $1.1295.
I wrote in my last forecast last Thursday that it seemed very unlikely we would see anything other than a strong US dollar over the day, so I was only looking for short trades.This was a good call overall as the price fell firmly over the London session that day, but unfortunately the price never got back to any of my identified resistance levels first.
The technical picture has now changed, as after reaching a new 18-month low price last Friday, the price has rebounded stronglyThis bullish retracement within the long-term bearish trend is strong and fast enough to suggest we are unlikely to see new lows soonride this new bullish wave until it runs out of momentumthe short-term price action suggests the price is topping out now near the key resistance level at $1.1295I suggest traders look for a short trade either at a bounce off $1.
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