The dollar could not keep its position after strengthening last week. After the publication of the Fed's meeting reports the US dollar went up against a basket of major currencies. However, by the beginning of today's trading session, the dollar index started a drawdown again.
At the time of writing this review, the dollar index is at around 89.50 and is likely to continue its decline.
Today we expect the speeched of FOMC members Bullard and Quarles, as well as a monthly report on the sales of new housing for January. Around the time of the publication of this data the market may be more volatile. Improved statistics may indicate the strength of the economy by supporting the reserve currency.
However, considering our chart, we can observe the bullish trend of the pair. The RSI trend indicator points up and the MACD is trying to move to the positive zone. Therefore, we will look for points to enter long positions from the support levels and consider our target levels of 1.4125 and 1.4170.
