USDOLLAR Erases Friday Gains; Support Probably Near 10715
Chart Prepared by Jamie Saettele, CMT using
FOREXAnalysis: A major breakout could be underway from above 10558. Strength above the long term channel suggests acceleration of the rally that began at the 2011 low. This could be EXTREMELY significant. Friday’s high was just shy of the Elliott channel for 5th wave estimation. As such, respect potential for a test of the top side of the channel that defines the rally from the 2011 low (the line in blue). In general, 10690-10715 is support.
FOREX Trading Strategy: Flat
LEVELS: 10586 10658 10715 10827 10882 10900
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.