Dollar index developing a downtrend - #dxy #dollar #forex $eur

After a tremendous run that took the dollar index above the 101 level, we are starting to see a strong pull back being developed as profit takers begin to exit the dollar long trade. As of now, we bottomed out at 99.8 and have bounced back to reclaim the 100 handle. However, the series of lower lows in the chart suggest to us that further downside pressure and selling may be in store for the dollar. First level to watch for would be the 99.8 lows establish overnight. After that we are likely to find more support at 99.65.