The US dollar has been on the ropes for a while now, but over the last week or two we have seen it stabilize near the 10 level. The 10 level is also the 50% Fibonacci level in the long-term charts, so we are definitely in an area where we are seeing quite a bit of interest. On top of that, we also have the FOMC meeting minutes coming out later in the day, so it makes sense that the market will react accordingly. After all, they have to pay close attention to the idea of ​​what the Federal Reserve will do in the coming months. Advertisement Want to test your skills? Open MT Free Demo Now! START The market seems to have enough support at the 103 level, which is an area where we would also see support based on the 61.8% Fibonacci level. If the distribution is below this level, we can continue much lower. You should also remember that the 50-day EMA is falling and preparing to cross below the 200-day EMA, triggering a so-called „death cross”. In this scenario, we might see quite a bit of downward pressure. However, if we break above this level, we can probably go up to the 107.50 level. If we can break the 107.50 level, we are likely to reach the 113 level with enough time. That said, I think we’re in a situation where we’re making a lot of noise and we can make a bigger move in the next couple of weeks. I think with the FOMC meeting minutes being released later in the day, we’re likely to see a lot of volatility. After that, we have the Friday workload, which also creates a lot of volatility. At the end of the day, the world worries about what the Fed will do, and these next two fundamental announcements may open the door to clarity for once. I may not have an opinion at this point, but it is worth noting that we are hanging and going sideways after a strong uptrend has weakened significantly.

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