USDOLLAR Nears 50% Retracement of Rally from June
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: The USDOLLAR took out the last 2 weeks’ lows on Monday and traded to the lowest level since 6/26. Like a lot of other USD crosses, nearby levels may provide reactions. The 50% of the advance from June comes in at 10739. The strongest support however may be the confluence a 10675 (61.8% and where the decline from the top would consist of 2 equal legs).
FOREX Trading Strategy: Flat
LEVELS: 10585 10675 10739 10810 10867 10926
--- 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.