USDOLLAR at Support from Fibonacci
60 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) decline from the December high is in 3 waves and the first leg of a larger impulse is complete at 10039. The structure of the decline from 10039 suggests a bounce into 9983-10012 before a final drop into 9925 gives way to the next bull leg.
Bottom Line – long, stop 9856, target open
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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