The Dollar Index breaks a key support level

The Dollar Index measures the strength of the Greenback versus its main counterparts with the Euro making up 57.6% of the index. That is why the recent rally on the Single Currency has taken the Dollar Index to new lows. The Dollar has also been pressured by the doubts that have risen lately over the capacity of Donald Trump implementing the economic stimulus that it promised for the United States. On the daily chart we can see that the index found a good support at the 96.00 level, but today the bearish momentum accelerates and the index breaks below the 96.00 level. If the drop continues, the instrument may reach the 95.00 level. Above the 96.00 level, the 97.00 may act as resistance, along with the 55 day exponential moving average (purple line), which is very close to the 98.00 level. The 200 day exponential moving average (blue line) at the 98.64 level could also act as a resistance.