U.S. Dollar Consolidating At Major Support

Above is a weekly chart of the U.S. Dollar and below that is a chart of the Euro currency. As you can see both markets are at major support and resistance levels.

If you've been following my blog since the beginning of this year you would know that I've been bearish on the dollar since January. The trend is still down in the dollar and until that trend is broken I will remain bearish. If the dollar does rally from these levels I will view that rally as a potential shorting opportunity.

As of now I do not have a position in the dollar but I will monitor this market over the next few weeks for a possible trade on the short side. I will keep you posted if I do anything.