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USDOLLAR Working Towards 10876 Resistance

USDOLLAR Working Towards 10876 Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Working Towards 10876 Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: “The failed run at last week’s low (like EURUSD and the failed run at the high) has me looking higher for at least several days in the USDOLLAR. In fact, a key reversal unfolded today following the lowest close since 6/27. It may be that a triangle or flat pattern is underway from the 7/11 low. Both point higher over the next few days. 10876 is estimated resistance. 10951 is in focus if price breaks the Monday high.” In general, still looking towards 10876 although 10807/27 is now support and could be reached first.

FOREX Trading Strategy: Order to go long at 10812, stop 10755

LEVELS: 10675 10757 10807 10876 10926 10951

--- 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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