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US Dollar Resumes Rally as Euro Faces Pressure Amid Global Market Developments
The dollar has resumed its rally after a pullback to the 105.50 area in the second half of last week amid a bullish retracement in the stock market, largely driven by profit-taking actions. The dollar index crossed the 106.50 mark on Monday. From a technical analysis perspective, the primary setup for DXY right now is the clear ascending channel on the four-hour timeframe. Based on its structure, the next target for dollar buyers is likely to be a test of the upper boundary of the channel, which corresponds to the level of 107 points. However, with a change of direction, it can be expected that buyers will not resist ... (full story)