Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I wrote Wednesday to “respect potential for a reversal from current levels as the advance from Monday’s low is impulsive. This raises the possibility of truncation”. The USDOLLAR reversed sharply, producing a JS Thrust in the process. Near term focus is on the 38.2% retracement of the rally from 9740, at 9945. The level is reinforced by trendline support and the 10/10 high.
FOREX Trading Strategy: I’m on the lookout for a low and opportunity to turn bullish again near 9945.
LEVELS: 9935 9945 9961 9991 10044 10071
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.