Dollar Teeters on Support as Euro Faces Event Risk

The US Dollar (DXY) is trading just above pivotal support at 98.68/69, with the index poised for a possible inflection point in the days ahead.

A break or daily close below this threshold would fuel the next leg of the July downtrend, with subsequent support objectives resting at the yearly open at 98.24 and the 61.8% retracement of the January rally at 97.94.

On the other hand, a breach or daily close above the 200-day and 52-week moving averages at ~99.11/14 would be needed to suggest a more significant low is in place and a larger trend reversal is underway.