This daily chart shows a series of lower highs and lower lows which means a USD downtrend. This market also looks to be poised to test the recent low of 76.14 in spite of a heavy economic calendar. Traders don't seem to be too concerned with the US elections taking place today, the FOMC (US Federal Reserve) announcement tomorrow or the release of the US Nonfarm Payrolls on Friday. These releases are potential trend changing events, but for now, traders seemed to have discounted that possibility.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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