 Hi guys, it's Ian from OSB FX. It is Wednesday the 6th of December 2023 It's just coming up to half past nine in the morning in the UK today My focus is on the euro against the US dollar. I want to talk about DXY. This is the dollar index I want to talk about chart formation here DXY is negatively Correlated to the euro against the US dollar. In other words when the dollar index goes down Euro against the US dollar has a tendency to go up. Normally we need a catalyst for a change of trend This afternoon we do have the ADP Employment data from the US. So let's get to the charts. The first chart I want to look at is DXY Daily chart here. I believe we're in this corrective leg to the upside a common retracement level For this pattern is 38.2% of this decline Now that level is located at 103.93 if I go to this time frame and This is the two-hour time frame here We have the potential of an AB equals CD formation and that's located at 103.87 So it's giving me quite a solid resistance level to the upside if we go to this chart First chart I want to look at is the daily chart here we have a Projected support level at 1.0763 That's of a large bat formations and then to move higher within this BC leg of This cipher formation if I go to a shorter time frame and I'm going to concentrate on this one here This is the one-hour chart Here we can see that pretty mixed and volatile trading over the last few days That's formed an ending wedge pattern. There's a bias to break to the upside I've got support located between 107.68 and 107.63 I'm looking for dips to be bought into that area on a break of 108 15 the immediate measured move target is 1.0895 Okay guys, thanks very much and I'll be back soon with more analysis many thanks