Friday, January 26, 2018

The Dollar in a free fall

The Dollar index has fallen below its 200 month EMA around the 89.35 level. The Dollar has been beaten down mostly by the Euro and since the Single Currency makes up to 57% of the Dollar index, that is why the instrument has dropped so much. Below the 200 month EMA, the Dollar index made a low around the 88.24 level. Its next support level in case the Dollar keeps dropping could be the 87.00 level. The 55 day EMA is showing us that the bearish trend is strong, but in case of a bullish pullback, that same EMA may act as resistance. The 200 day EMA (blue line) may also act as resistance, but it is currently far away around the 94.00 level.

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