The time between Christmas and NYE is definitely one of the worst weeks for the American dollar in the 2017. Negative sentiment towards the USD can be seen everywhere. It all starts with the Dollar Index, where we can see a major bearish formation – head and shoulders pattern. Yesterday and Today, the price broke the neckline of this pattern and the mid-term up trendline. That is a sign to go short on the Dollar.
EUR/USD is using another (fourth) flag to climb higher. History really likes to repeat itself. The latest development here is the breakout of the long-term down trendline connecting recent major lower highs. That is very positive for the EUR/USD.
GBP/USD is also bullish. Here, we broke the upper line of the wedge pattern, which opens us a way towards the tops from September on the 1.362. Positive sentiments stays with us as long as we will stay above the 1.332 support.