FOREX Technical Analysis: USDOLLAR Bouncing Between Fibonacci Levels
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I wrote last Thursday that “we got the low now the question is how significant is the low. It seems obvious that the decline from the November high is a ‘5’ but the truncation scenario would indicate the top is unorthodox on 11/21. Either way, look higher towards 10009/12.” The high on Friday was 10013 and near term focus is on the 61.8% of the swing from 9917, at 9954. Near term structure remains unclear.
FOREX Trading Strategy: Nothing.
LEVELS: 9891 9923 9945 10009 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.