Friday, March 25, 2016

Dollar index still in a downtrend (3/24/16)

Despite this week’s oversold bounce, the medium-term downtrend remains healthy: the RSI indicator is still trapped in a bearish range below the 60 level, and though the daily MACD indicator is showing signs of turning higher, it’s still well below the “0” level, showing overall bearish momentum. As long as the dollar index holds below its previous highs in the 98.50 zone (roughly equivalent to the 1.13-14 area in EUR/USD, the technical downtrend will remain intact.

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