FXstreert.com (Barcelona) - Dollar pullback from 92.55 high on Monday has extended on European session to 91.15 low, giving away all the ground gained on Monday; At the moment of writing, the Dollar trades at 91.35.
Initial resistance levels lie at 91.50/55 (Sept 18 high), and above there, next resistance levels could lie at 92.15 and 92.55 (Sept 21 high). On the downside, support levels are 91.00/15, intraday low, and below here, 90.50 (Sept 17 low) and 90.10/20 (Sept 14/16 lows).
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, yesterday's rally attracted short selling, sending the pair back into the 6-week downtrend: The pair squeezed higher to 92.54 before attracting short selling once again as expected. The pair has now dropped back into the 6 week downtrend with a very clear tradeable range on the 5 minute chart between 91.20 and 91.70.