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USDOLLAR Drops into Support Zone and Reverses

By , Sr. Technical Strategist
07 June 2012 23:45 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Drops into Support Zone and Reverses

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) dropped into support from the 20 day average and late May congestion. The decline from the top also consists of 2 equal waves (exact equality would be 10146.75 and the low was 10144.37). In any case, this is a good level to test the long side against 10076.

LEVELS: 10038 10076 10129 10192 10218 10259

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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07 June 2012 23:45 GMT