US Dollar Index Daily: Was that a major head fake?
A bunch of dollar bulls, euro bears, have been hammered so far today (time left of course). Did we just see a major head fake from Mr. Market? There were a lot of one-way bets…Is the price action also telling us Fed Chairman Yellen will disappoint in some way? I guess we shouldn’t try to get cute with that stuff and stick to our knitting which, in a sentence is this: Trade what the market gives us and don’t try to forecast price action based on fundamental events.
That said, I have shown an alternative setup in this chart showing the potential for a correction lower in the dollar, back toward 92.00 [about 7% which is big when calculated in pips]…
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