USDInd slips below weekly support

<p><strong>By <a href="http://investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a> </strong></p>
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<li><span lang="EN-US" xml:lang="EN-US">USD Index busy with a D1 downtrend<br />
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<li><span lang="EN-US" xml:lang="EN-US">Broken weekly support may turn to resistance level<br />
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<li><span lang="EN-US" xml:lang="EN-US">H4 bearish scenario triggered</span> <span lang="EN-US" xml:lang="EN-US">if 103.060 price level breached<br />
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<li><span lang="EN-US" xml:lang="EN-US">Three potential targets identified on the H4 chart.</span></li>
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<li><span lang="EN-US" xml:lang="EN-US">Bearish scenario invalidated if prices push back above 103.510</span></li>
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<h3><span lang="EN-US" xml:lang="EN-US">Dollar bears could be enticed to drag prices lower after the USD Index slipped below a weekly support level. </span></h3>
<p><span lang="EN-US" xml:lang="EN-US">This development may signal the resumption of the downtrend, especially if the new weekly resistance level strengthens the bearish resolve –  causing the negative momentum to build as a result.</span></p>
<p><img fetchpriority="high" decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/USDIndDaily_28112023.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="df454681-c8d3-4ab1-9c7a-b24b1eca3a23" data-src="/s3-static/users/user17/USDIndDaily_28112023.png" /></p>
<p><span lang="EN-US" xml:lang="EN-US">The H4 chart confirms the overall bearish dominance with the Momentum Oscillator below the 100 baseline in negative terrain and the price being lower than the <strong>50 Exponential Moving Average.</strong> </span></p>
<p><span lang="EN-US" xml:lang="EN-US">If the weekly resistance level holds and the price reaches the 103.060 level, a <strong>short opportunity will be triggered. </strong></span></p>
<p><span lang="EN-US" xml:lang="EN-US">Attaching a modified Fibonacci tool to a trigger level just below the last lower bottom at 103.060 and dragging it to just above the last lower top, three possible targets can be established:</span></p>
<h3><span lang="EN-US" xml:lang="EN-US">The first potential target is at 102.611 (Target 1). This target will help with risk management.</span></h3>
<h3><span lang="EN-US" xml:lang="EN-US">The second price target is likely at 102.027 (Target 2). </span></h3>
<h3><span lang="EN-US" xml:lang="EN-US">The third and last price target is possible at 101.487 (Target 3), just before the next weekly support level. </span></h3>
<p><strong><span lang="EN-US" xml:lang="EN-US">If the price at 103.510 is broken, this scenario is no longer appropriate.</span></strong></p>
<p><img decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/USDIndH4_28112023.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="19a8a72a-a258-4e6a-b935-807f0289512b" data-src="/s3-static/users/user17/USDIndH4_28112023.png" /></p>
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