Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I had been looking for a reversal near the 38.2% retracement of the rally from 9740, at 9945. The level is reinforced by trendline support and the 10/10 high. The USDOLLAR reversed just before that level Tuesday and continues to hold up. Tuesday’s outside day at support (11/12-14 lows) warrants a constructive view.
FOREX Trading Strategy: I am bullish against 9955.
LEVELS: 9891 9923 9945 10001 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.