At the beginning of today's trading session the dollar index found a support level at around 93.85, after which it began to grow. The dollar showed a weakening despite the release of positive data on the housing market in the US. Furthermore, this morning we had a speech by ECB member Benoit Coeuré, which did not affect the movement of the pair.
Looking at our chart, we see that the pair found a resistance level near the 1.1720 mark, which it could not overcome. Our technical indicators indicate a sale: the stochastic is pointing down, and the MACD line is coming out of the chart.
Therefore, we recommend taking short positions on the pair - consider your targets at the levels of 1.1630 and 1.1650.
