Our pair, having updated the new local minimum on the four-hour chart, has turned around and is heading up. The technical indicators show the formation of an upward momentum. In addition, we see the inverted head and shoulders pattern has formed and at the moment the price finishes its completion.
Given the recent developments on the financial markets, there is no confidence in the strength of the dollar at the moment. Furthermore, one of the factors destabilizing the dollar is the investigation into Russia's intervention in the election of the US president. Against the background of these political scandals, the dollar is expected to continue its decline. Thus, the dollar index fell to the level of 89.50.
Therefore, we advise to take long positions for our pair.
