The dollar index experienced a major drop on Friday, after a week long consolidation phase; the sell-off was precipitated by events in Europe as the EU summit surpassed expectations and the market once again had an appetite for risk. Average USDX daily range over 60 days is 51 pips, Friday came in at an impressive 131 pips and 256% of the ADR. Friday’s NY session close had price heading towards the recent range lows around 81.20, this resides just above the 50% retrace of the least major push higher. A break below this area would signal a continuation of the bearish USD sentiment seen on Friday and print a lower
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