FOREX Technical Analysis: USDOLLAR Big Picture Pattern is Ominous Below 10158
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: One can’t help but notice a potential head and shoulders top (really a long term potential head and shoulders continuation pattern). It’s worth keeping the potential bearish pattern in mind but trend is considered sideways as long as price is between 10158 and 10000. This defines the range for the year so far. A break of the range will offer a directional bias.
FOREX Trading Strategy: Flat
LEVELS: 9960 9990 10013 10124 10158 10236
--- 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.