• US dollar is pressured as the week gets going following the holidays. 
• The bears have broken a key structure on the 4-hour chart. 

As per the prior analysis from early in the day, the US dollar remains under pressure and has recently taken out a very key structure on the four-hour charts. The following illustrates the potential for a significant correction in the days ahead. 

It was explained that the price was running into resistance but the bears needed to get below the 4-hour support if there were going to be prospects of a deeper correction for the sessions ahead.

DXY prior analysis

US dollar live update

The price broke below the 109.80s and is not headed towards a key area in the 108.90s for the day ahead if the bears can get below the trendline support. 

A break here opens risk towards 108.50 and then a 38.2% Fibonacci retracement below there near 108.10. The neckline of the harmonic pattern is located all the way down at 106.93.