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USDOLLAR Measured Confluence Suggests Support Near 10780

By , Sr. Technical Strategist
05 August 2013 21:46 GMT

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Measured Confluence Suggests Support Near 10780

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote last week that “the USDOLLAR rally is impressive and has retraced exactly 61.8% of the decline from the July high. The advance forms a steep channel as well. This is probably a good place for a pullback to get underway. If it does, then expectations are for support near 10800/25.” Price is knocking on the door of 10800. The 61.8% is at 10771 and the decline from 10897 would consist of 2 equal legs at 10782.

FOREX Trading Strategy: Flat

LEVELS: 10736 10771 10795 10867 10897 10926

--- 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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05 August 2013 21:46 GMT