Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
USD flirting with important pivot

USD flirting with important pivot

Kristian Kerr, Sr. Currency Strategist


The FXCM US Dollar Index (equally weighted basket of USD versus EUR, JPY, GBP & AUD) failed again last week near the 78.6% retracement of the April – May decline in the 12,050 area. There is some vulnerability in the index the longer it stays below this pivot. However, I would need to see last week’s low around 11,975 give way to trigger a double top on the daily and prime the market for any sort of serious correction lower. Traction over 12,050 would alleviate concerns of a more immediate correction and set the stage for a re-test of the April high.

Still short EUR/USD with a trailing stop now over 1.1100 (closing basis). Will look to add to position on a daily settlement below 1.0800.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.