The US Dollar Index has confirmed an hourly double bottom just below the December 2008 spike low while the EUR/USD confirms a double top. The measured move objective for both formations coincide with a 38.2% retracement and the 10-day MA. It may offer an attractive entry point for dollar bears and could possibly mark a throw-back off a EUR/USD 2-month internal trendline. Meanwhile, since the DXY trades below the 10-day MA, there remains a chance for a panic-type sell-off towards 75.00/76.00 (near 78.6% retrace/Q3 2008 base) if this week's double bottom is cleanly lost.
