- USDOLLAR Continues to Carve Top; Bearish RSI Momentum in Focus
- Euro Fails to
Daily Change (%)
DJ-FXCM Dollar Index
MBA Mortgage Applications (JAN)
New Home Sales (JAN)
New Home Sales (MoM)
Fed's Rosengren Speaks on U.S. Economy
The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) made another run at former support (10,615) following the better-than-expected New Home Sales report, and the near-term rebound may generate a bullish forecast for March should the Relative Strength Index (RSI) break out of the bearish momentum.
Despite the risk of seeing a further delay in the Fed's exit strategy, expectations for another
With that said, the dollar may continue to mark a series of lower highs paired with lower lows as long as the RSI retains the downward trend with price holding below former support, and the remainder of the Humphrey-Hawkins Testimony may provide more clarity for near-term price action as market participants weigh the outlook for monetary policy.
The dollar rallied across the board, led by a 0.55 percent decline in the Euro, and the single currency may face additional headwinds over the near-term as market participants anticipate the
Indeed, there's limited expectations of seeing the ECB implement more non-standard measures at the
Moreover, the technical forecast could highlight a major turn in the EURUSD as it appears to have carved lower high around 13770, and the single currency may face fresh lows over the near-term as the fundamental outlook for the euro-area remains weak.