The US Dollar Index rebounded after marginally breaking below the previous 2009 low. The subsequent false-break recovery was buoyed by 4-hourly bullish MACD divergence and managed to break 4-hourly & daily RSI resistance. Closing above the 4-hour mid-Bollinger band marks the second time in the past week and is considered as constructive price-action. A higher low within the upper half (of the Bollinger bands) would signal dollar strength towards the 50-day moving average near the psychological 80 handle. Meanwhile, last week's EUR/USD weekly breakout has lacked follow-through and will be viewed as an outlier if the pair trades below 1.4064, where a cluster of key moving averages and a fibonacci range vibration reside. This region would need to be cleanly lost to dent the medium-bullish structure.
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