This chart is being viewed on a 4 hour chart.
The US Dollar has been on a steep decline. As we know, what goes up, must come down and in this case, what goes down must go up.
Looking at the two highlighted areas on the chart, shows my beliefs as to why I believe the Dollar will be correcting and possible continuing a bullish direction.
Looking at the top highlighted area, prices started a small correction and proceeded to reverse and head south. When looking at the chart, the most recent leg down, came shy of just 6 cents to the other highlighted range and now we see price starting to a minor correction.
When I placed a Fibonacci and a Fibonacci Projection, price seems to be bouncing off the 50% and it also looks it is forming a right shoulder on a head shoulders pattern. The 1.27 extension is right below the trend line and that is where my take profit will be placed.
Let me know what your views are.
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