FXstreet.com (Barcelona) - Dollar rally from 95.60 low on April 20 seems to have stalled at 99.60 resistance level, and the pair, According to Valeria Bednarik, collaborator at FXstreet.com is overextended, in need of a downside correction.
The dollar remains bullish although, according to Bednarik, needs some downside correction to continue higher: Clearly bullish yet overextended pair needs some downside correction at this point to continue rising. Daily maximum at 99.58 reach exactly the 23.6% level of the daily Fibonacci retracement we have been following, 93.54/101.44. Once the 99.60 zone is cleared, pair could easily continue to the 100.00 level.
On the downside, support levels remain at support level could lie at 99.00/15, previous intra-day high, and below there, 98.74 and intra-day low at 98.50. Resistance levels stand at 99.60 intra-day high and above there, 99.90 and 100.25.
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