FXstreet.com (Barcelona) - Dollar's downside attempt seen on early European session has failed, and , after hitting a fresh 6-week low at 88.57, the Dollar has bounced up to be capped at 89.00 resistance. Art the moment, the pair trades at 88.80.

On the upside, resistance levels lie at 89.00 (session high), and above here, 89.15 (Nov 20 high) and 89.50 (Nov 18 and 17 high). On the downside, initial support lies at 88.55/65 (session low/ Nov 19 & 20 lows) and 88.35 (Oct 9 low).

Stoyan Mihaylov, technical analyst at Deltastock.com sees the Dollar dipping lower targeting 88.21: The bias continues to be negative for 88.21 reversal area and important resistance on the upside is 89.60. We expect one more leg downwards to complete the whole slide from 92.50 and to start the third phase of the prolonged consolidation above 88.01.

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