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USDOLLAR at Support from Fibonacci

USDOLLAR at Support from Fibonacci

2012-01-10 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Support from Fibonacci

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

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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

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