This week we do not expect the release of any significant indicators which would be able to turn the markets around.
The US dollar is under pressure due to the possible suspension of the government's work for the first time since 2013. The dollar index is near 3-year lows and we can observe updates of the highs of major currencies relative to the US dollar. Last week's data disappointed investors and triggered a sell-off of the American currency. Therefore, we should expect the further weakening of the reserve currency in the near future.
Considering our chart, we can observe a downward movement with a delay near the level of 1.2370. At the moment, we assume that our price will test this level again. Our trading advice is to go for short positions with a medium-term goal of 1.2370.
