The US dollar went back and forth on Monday, as we continue to chop around the consolidation area that the market has been trading in for several weeks. I still believe that the US dollar has plenty of bullish pressure underneath, but oil markets are making this trade a bit difficult. I still have a target of 1.35, but we need to see support of candles and better yet, a short-term impulsive green candle, to start taking that trade. If we break down below the 1.3250 level, we then will fall farther.
Written by FX Empire