US Dollar Finds Support
- USDOLLAR finds support at S4
- Range resistance sits at 12,002
- A breakout above 12,025 may signal a broader reversal
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The Dow Jones FXCM USDollar Index (USDOLLAR) has been on the decline this week after creating a new yearly high. Price today attempted to break towards a new lower low, however the Index found support at the S4 Camarilla pivot found at 11,928. Price has bounced from this point, and has now moved back inside of its daily trading range starting at the S3 pivot located at 11,952. If price continues to rebound, traders will begin targeting lines of resistance including today’s point of range resistance found at 12,002
In the event that price trades back below its S4 pivot, this would open the possibility of another daily close towards lower lows as we close out the trading week. However, a move towards R3 and a breakout above R4 at 12,025 would suggest a reversal back in the direction of the USDOLLAR’s longer standing uptrend.
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---Written by Walker England, Trading Instructor
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