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USDOLLAR Forms Large Range Reversal Week

USDOLLAR Forms Large Range Reversal Week

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Forms Large Range Reversal Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR spiked through the 61.8% retracement of the decline from 11009 before reversing. The Monday high is also reinforced by the 7/9 low. Bigger picture, our goal should be to buy dips and the latest decline did retrace almost half of the rally from 10469. The reversal today however keeps me open to additional downside…maybe into 10675.

FOREX Trading Strategy: Flat

LEVELS: 10585 10675 10816 10928 10951 11009

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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