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USDOLLAR at 61.8% Retracement of Rally from October Low

USDOLLAR at 61.8% Retracement of Rally from October Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at 61.8% Retracement of Rally from October Low

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has reached the confluence of the 61.8% retracement and series of November lows from 9665 to 9690. With downside momentum so strong, a move through today’s high (9794) is needed in order to trigger a bullish bias. Interim resistance is 9730 and 9755.

Bottom Line – flat

--- 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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