US 30 was into a strong sell-off in the short term but now it has reached a strong support area. USD’s further decline could help the Dow Jones to start increasing again. Today could be crucial for the greenback as the US is to release its inflation data.
Technically, the bias remains bullish despite the last sell-off. A bullish reversal pattern around the current support area could help us to catch a new swing higher.
US 30 dropped after failing to reach the weekly R1 (35,174) or to stabilize above the 150% Fibonacci line. Now it has found support right on the S1 (34,115) bouncing back.
It’s located at 34,176 at the time of writing trying to stabilize above the descending pitchfork’s upper median line (UML). A false breakdown below the S1 followed by a minor consolidation above the upper median line (UML) could bring a new long opportunity.
The last rally was expected after failing to come back lower towards 34,047 and after its breakout above the descending pitchfork’s upper median line (UML).
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