The DXY moves sideways before the ECB Conference and ahead of the US Advance GDP, these high-impact events could bring sharp movements. An upside breakout from the current range could bring an upside continuation. The median line (ml) could attract the price after its failure to approach the lower median line (lml). The DXY forecast sees the dollar index trading in the red at 93.77 and came under massive pressure right after the ECB released its Main Refinancing Rate and after the Monetary Policy Statement. The European Central Bank left its monetary policy unchanged in the October meeting. Still, you should be careful as the volatility is high, anything could happen in the short term. If you are looking for a good forex broker to make your trades on, then read our comprehensive guide. The next hour could be decisive for the DXY. The index is trapped within a range pattern. Most likely the rate will escape from this pattern after the ECB Press Conference. This is seen as a high-impact event today. Get FREE Forex Signals Now! 3 Free Forex Every Week – Full Technical Analysis Also, the United States is to release its Advance GDP. The economic indicator is expected to register a 2.6% growth versus 6.7% in the previous reporting period. The volatility will be high around these events, so you should be careful if you are not an experienced trader. In addition, the Advance GDP Price Index could register a 5.3% growth, the Unemployment Claims are expected to remain steady at 290K in the previous week, while the Pending Home Sales indicator may report a 0.4% in September. Dollar Index Price Forecast: Technical Analysis – Range Formation As you can see on the h4 chart, DXY continues to move sideways above the 93.72 key support level, above the 93.76 weekly pivot. After escaping from the down channel, the Dollar Index was somehow expected to grow. The current range pattern could represent a continuation formation if the rate makes an upside breakout. So, a valid breakout through the R1 (94.02), a new higher high could really validate an upside continuation. DXY’s further growth should help the USD to appreciate versus all its rivals. Anything could happen, so you should be ready also for false breakouts from this range pattern. A false breakout could signal a valid breakout in the opposite direction. Technically, the Dollar Index is still under bullish pressure after registering several false breakouts below the immediate support levels. The index could be attracted by the median line (ml) if it makes a new higher high. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Daily LookMajors share Read Next EUR/USD Price Hits Monthly Top, Eying EU GDP, US PCE Data Saqib Iqbal 7 months The DXY moves sideways before the ECB Conference and ahead of the US Advance GDP, these high-impact events could bring sharp movements. An upside breakout from the current range could bring an upside continuation. The median line (ml) could attract the price after its failure to approach the lower median line (lml). The DXY forecast sees the dollar index trading in the red at 93.77 and came under massive pressure right after the ECB released its Main Refinancing Rate and after the Monetary Policy Statement. The European Central Bank left its monetary policy unchanged in the October meeting. Still, you… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.