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USDOLLAR at Potential Support from 61.8% Retracement

USDOLLAR at Potential Support from 61.8% Retracement

2012-07-16 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Potential Support from 61.8% Retracement

Prepared by Jamie Saettele, CMT

We should know in the next few days whether or not the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is going to continue higher from above or below 10025. Price is currently testing support from former trendline resistance and the 61.8% retracement of the advance from 10048. As such, I am looking higher against the latest swing low of 10048.

LEVELS: 10025 10048 10090 10142 10170 10195

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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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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