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USDOLLAR Working on Outside Reversal Week

By , Sr. Technical Strategist
11 July 2013 23:42 GMT

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Working on Outside Reversal Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR has already entered former resistance from the 6/24 high. In fact, the 6/21 to 6/24 zone is reinforced by the 50% and 61.8% retracements of the rally from 10469 and is a zone to expect demand. Given market conditions, it may be wise to wait for the lower region of the zone (10675) before looking for significant support.

FOREX Trading Strategy: Flat

LEVELS: 10585 10675 10740 10850 10920 10951

--- 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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11 July 2013 23:42 GMT