US DOLLAR INDEX

[PCMNewsdesk]

The short term wave development in the [U.S. Dollar Index] and the [Euro] has slowed to a crawl. Still, our forecasts for each currency remains intact. Intermediate wave (5) started at the 91.919 low on May 3 in the U.S. dollar and should carry prices to new highs. The key level for the bullish case remains the May 3 low. The euro should decline below the 1.0910 low on June 24 to complete Minor wave D of Intermediate wave (B). If prices close above 1.1222, the rising trendline from December, it would suggest that Minor wave E may already be underway.

[PCMNewsdesk]

There are no new developments that alter our forecast for the [U.S. Dollar Index] or the [Euro]. The U.S. dollar started Intermediate wave (5) at the 91.919 low on May 3. This wave of advance should carry prices to new highs. The key level for the bullish case remains the May 3 low. The euro should decline below the 1.0910 low on June 24 to complete Minor wave D of Intermediate wave (B), as shown on the chart. If prices close above 1.1228, the rising trendline from December, it would suggest that Minor wave E is already underway.