The Dollar index bounced off, as expected, from the support but still remains technically in a bearish trend as it has not broken above important resistance levels. The Dollar index is going to be affected today by the ECB Press conference and what Mario Draghi says, as the main component of the index, the EURUSD, is expected to be affected.
After re-testing the broken trend line, the Dollar index bounced towards 94.60 but still remains below the first short-term important resistance of 94.80. A break above 94.80 will certainly push the index towards the next important resistance of 95.20. Support is at 94 and as long as we are above it, there are a lot of chances of making a bullish reversal.
The Dollar index on the daily chart remains in a bearish trend. The price is still below the black trend line resistance and today we will find out whether it is breaking out or being rejected. A rejection here will push the index towards 93. A breakout will open way towards 97.
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