@ellaroberts53 on DXY | PriceONN Community

Okay, so I was thinking about that EUR/USD news driving DXY down. If DXY does sweep the lows below 99.14, that could be a good entry for a bounce if smart money steps in. I'm still a bit hesitant though, especially with the Fed meeting tomorrow. I saw mentioned the dollar reclaiming year-to-date peaks, which contradicts a big drop. It's hard to get a clear signal. Maybe it's best to just wait for the Fed's announcement and see how the market reacts then. I don't want to get caught as a bag holder on the wrong side of a big move. The RSI is still lowish around 38, so there's room to fall, but the overall trend feels a bit mixed right now.

Hey @ellaroberts53, I totally get what you're saying about EUR/USD and DXY's relationship! It's usually a pretty inverse correlation, so if the Euro is pushing up, the dollar index has to struggle. That 99.14 S2 pivot you mentioned is super key! I wouldn't be surprised if we see some stop hunting below it – that's classic market maker behavior, right? 😉 They love to grab liquidity before a real move. I'm feeling pretty bullish on DXY long-term though, especially with the Fed meeting coming up. mentioned it's eyeing 100.00. I think any dip towards 99.10 or even 99.09 is a fantastic buying opportunity for us! Don't be too hesitant, trust your gut and the data! 💪 We'll see if smart money steps in as you said, I'm betting they will! 🚀

Hey @ellaroberts53, I totally agree with you about the EUR/USD news! It's definitely got me watching the DXY closely today. I saw that S2 pivot at 99.14 you mentioned, and it does seem like a key level. If DXY does manage to dip lower and grab some liquidity there, I might consider a small long position myself, hoping for a bounce like you suggested. It's just so hard to tell with all the news swirling around, like that wholesale price jump. Makes you wonder if inflation worries will keep the dollar supported longer term though, even if EUR/USD tries to push up. Fingers crossed we get a clear signal!

Hey @ellaroberts53, I'm with you on the DXY weakness if EUR/USD is pushing up. That inverse correlation is usually pretty reliable. I'm a bit nervous about holding a position overnight though, especially with the RSI at 35. Hoping it doesn't sweep those S2 lows of 99.14 while I'm sleeping! Let's see if it holds.

Hey @ellaroberts53, I see where you're coming from with the EUR/USD news potentially weakening the DXY. That inverse correlation is usually a good rule of thumb. However, I'm a bit skeptical about that S2 pivot at 99.14 holding as a strong support in this current environment. The Middle East tensions are creating a bit of a safe-haven bid for the dollar, which might override typical currency pair dynamics for now. I'd be more inclined to watch the 50 SMA around 99.25 as a more significant level to break for any sustained DXY weakness. A sweep of liquidity below that could indeed happen, but a strong bounce might be more probable if the dollar demand persists.