The US Dollar continues to move in a downtrend on the weekly and daily timeframes. Prices have reached the WFVG area, as mentioned in the previous report. The market structure has shifted from bullish to bearish on the 1-hour chart, triggered by the formation of a VIM. Prices have started pulling back from these levels, and the overall bearish trend is expected to continue today.
There are no significant economic events impacting the US Dollar today, so price action is likely to remain relatively smooth unless unexpected statements are made by President Trump.
Liquidity Levels:
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The 97.40 level is expected to act as resistance, likely pushing prices lower.
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The next liquidity target lies around the 96.85 level.
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If this level breaks and holds below, further downside is expected toward the 96.35 liquidity level.
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The bearish scenario would be invalidated if prices revisit the 97.70 level.
