The commodity market sales became a positive factor for the dollar as the commodity cost is denominated in the US currency. Industrial metals were the decline leaders, oil showed a lateral tendency. It was a bank holiday in the United States on the occasion of the Veterans Day, so the USA traders were absent. There were not any important releases in the euro zone.
Bulls managed to break through the resistance of 1.0730 at the yesterday trading session after which there was correction with the level testing upwards.
The price is finding the first support at 1.0730, the next one is 1.0630. The price is finding the first resistance at 1.0800, the next one is at 1.0925.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
We expect the 1.0730 line break that will open the way for the sellers to 1.0630, further then towards 1.0550.