A busy week ahead for US data- Dollar index (USDX) Part 2

As already covered here previously, the Dollar index peaked at 108.07 (a new 2 year high) a week ago last Friday and it has been tracking lower ever since. The index hit a low on the week last Friday, at 105.61. It later posted a US close around 105.78. Since recovering from just above 100 at the end of September, the rise has been dynamic. If you look at a chart of that you will see how steep that rise has been and of course delivered more so by the Trump election win. The price action has come in three waves and now it is correcting that rise. The next level of technical support is some way lower, at 105.05 and thereafter at 104.11 and 103.18 (those levels will not change). At this stage the fall back from above 108 looks corrective and not the start of a major trend change. Hence, it will be important for the Dollar to hold one of those correctional levels on the way back down for it to remain that way. In that sense the US data this week could be crucial to that dynamic. Overnight the Index has rebounded from a low at 105.83. The high seen earlier was set at 106.36. It is off that high right now though, currently trading towards 106.25