The Dollar Index comes back down

The Dollar Index is losing ground again and falls below the 92.00 level as shown on the daily chart. If the index continues falling, then it may reach the 91.00 level which could act as support. The Dollar Index is composed primarily of the Euro and that is why during today’s rally on the single currency, the Dollar Index has fallen. The Euro rose on expectations that the European Central Bank may start reducing its economic stimulus. On the other hand, the index may stay consolidating around the 92.00 level or it may try to go back up towards the 93.00 level. The 55 day EMA along with the 93.00 level may act as resistance.