Forex
Dollar Breaks Trendline as EUR/USD and GBP/USD Rally on ECB and BoE Policy Steady
The US Dollar Index has broken down from its long-term ascending trendline and is currently in a bearish position. This breakdown has occurred below both the 50-EMA (100.98) and the 100-EMA (100.99), indicating strong selling pressure.
The RSI, or Relative Strength Index, has declined to the low thirties, which is considered an oversold region. However, this does not necessarily mean that a rebound will occur anytime soon.
In addition, the Dollar Index has developed the bearish Shark harmonic pattern, further supporting the idea of a downtrend.