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USDOLLAR Confined to Monday’s Large Range For Now

By , Sr. Technical Strategist
27 February 2013 23:43 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Confined to Monday’s Large Range For Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The outside day Monday and inside day Tuesday provides a reference point for the next move. A drop below Monday’s low would signal downside pressures towards former resistance at 10343/55 and probably the 20 day average (currently near 10300). Exceeding 10444 would probably signal a terminal thrust from a triangle with objectives at 10493 and 10523.

FOREX Trading Strategy: Flat

LEVELS: 10274 10308 10364 10444 10493 10523

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

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

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Jamie is the author of Sentiment in the Forex Market.

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27 February 2013 23:43 GMT