USD Near Key Micro Support

The US Dollar Index (DXY) is close to the key micro 92.70 support level.  A break below this opens the door to a larger degree decline that could take it in a 5-wave move down to the 89-89.50 level.

We have a bullish alternate 1 micro count that's been amended.  A possible target for the next move down in the wave (ii) is the 92.48 - 92.20 region, but this scenario is looking much less likely at the moment.

In the EURUSD, if we see a move below 1.1899, a decline to 1.1683 looks quite plausible at this point.

.DXY - Alternate Micro - Sep-16 0904 AM (1 hour)
.DXY - Alternate Micro - Sep-16 0904 AM (1 hour)
.DXY - Alternate 1 Micro - Sep-16 0903 AM (1 hour)
.DXY - Alternate 1 Micro - Sep-16 0903 AM (1 hour)
.DXY - Primary Micro - Sep-16 0904 AM (1 hour)
.DXY - Primary Micro - Sep-16 0904 AM (1 hour)
EUR= - Alternate 1 Micro - Sep-16 0909 AM (1 hour)
EUR= - Alternate 1 Micro - Sep-16 0909 AM (1 hour)
EUR= - Primary Micro - Sep-16 0907 AM (1 hour)
EUR= - Primary Micro - Sep-16 0907 AM (1 hour)
Arkady Yakhnis provides extensive coverage on precious metals, energy, and forex at ElliottWaveTrader.