Last week trading was under the sign of the dollar weakness which continued to lose ground on all front. It looks like the dollar has to contend with the new reality where there is no place for four rates rises as Fed had predicted in December. Besides the NFP, the USA also showed trade balance (-43,36B against the forecasted -43,00B) and the consumer lending data ( 21,27B against the forecasted 16,00B).
The first support resides at 116.20, the next is at 115.40. The first resistance stands at 117.00, the next one is at 117.80.
There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward 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.
The buyers need to break above 117.00 for a steady growth. The way to the mark 117.80 will be opened after this breakthrough.