The Dollar index is once again challenging the resistance at 80.40. With ECB meeting today, we should expect the Dollar index to either break above 80.40 and continue higher towards 80.70-80 or get rejected once more and break lower towards 79.70.
For now, the trend is neutral. The price is above the Ichimoku cloud, but with no clear impulsive direction. Short-term resistance at 80.40 and then at 80.70. Short-term support is at 80 and then at 79.70. The low at 79.20 is very important and should hold if bulls want to have any chance of survival.
The daily chart shows that the daily candlestick have reached the downward sloping trend line and the downward sloping Ichimoku cloud. This is important as today will be an important turning point. A rejection at current levels will probably put 79.20 in danger and will challenge it. If however the index manages to break higher above the resistance, we should expect a bigger trend change that could challenge 81 and 81.40.
