US Dollar Breaks Trendline Support
240 Minute Bars
Prepared by Jamie Saettele, CMT
Flip the chart of the EURUSD and you’ve got the US dollar index. The analysis is the same as well. That is, the recent move (in this case strength) has failed to extend and the break of Monday’s low suggests lower prices ahead. Trendline support has been broken and focus is on 7496. A drop below there could complete a flat correction (support would be at 7435 and 7396).
Support/Resistance Index (M,W,D) – 3, 3, (1)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
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