Correction in the DXY
The DXY has collapsed as the Euro rallied off renewed hopes in growth. The Euro bounced off lows at about 103.50, as we were careening toward parity with the dollar. We see this as a temporary correction to the dollar rally, but also note that we have broken through some major support levels, including 102.86, which we anticipated would hold. We are currently in the vacuum zone between this level and 101.70. If the rally reignites, we must first break 102.86, then 103.24 and 104.00 are the next targets.
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