US Dollar Index (DX) Futures Technical Analysis – November 14, 2017 Forecast

December U.S. Dollar Index futures are trading lower on Tuesday. A spike to the upside by the Euro is helping to drive the index lower. Traders are saying that renewed interest in buying risky assets in Europe on growing expectation of economic growth is supporting the Euro.

Earlier in the session, European Central Bank President Mario Draghi said the ECB’s “forward guidance” on future policy moves has been successful in steering market expectations and is now an established policy tool.

In the U.S., investors will be watching the direction of U.S. Treasury yields and the progress of the U.S. tax reform bill as it works its way through the Senate.

Daily Technical Analysis

A test of a downtrending angle at 94.45 drew the attention of sellers early in the session, driving the EUR/USD into an uptrending angle at 94.18.

Crossing to the weak side of the angle at 94.18 indicates the selling is getting stronger. If the move continues to gain momentum then we could see an eventual test of the next uptrending Gann angle at 93.77. This is the last potential support angle before the 93.365 main top.

Regaining the angle at 94.18 will signal the return of buyers. If this creates enough upside momentum then look for a possible retest of the downtrending angle at 94.45. This is a potential trigger point for an acceleration into the next downtrending angle at 94.76.

Look for a bearish tone all session as long as the dollar index remains under 94.18.