USDOLLAR – Beware a False Break at 10391
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDOLLAR has traded lower but beware of a possible flat correction from the March high. A flat is best described as a sideways correction. What makes it so difficult to deal with is that the end of the correction (in this case down) is sharp, impulsive and breaks support right before a reversal and resumption of the larger trend. In other words, beware of chasing a drop below 10391.
FOREX Trading Strategy: Flat
LEVELS: 10275 10323 10391 10447 10471 10500
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele