USDOLLAR Measured Confluence Suggests Support Near 10780
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Interested in automated trading with Mirror Trader
FOREXAnalysis: Wrote last week that “the USDOLLAR rally is impressive and has retraced exactly 61.8% of the decline from the July high. The advance forms a steep channel as well. This is probably a good place for a pullback to get underway. If it does, then expectations are for support near 10800/25.” Price is knocking on the door of 10800. The 61.8% is at 10771 and the decline from 10897 would consist of 2 equal legs at 10782.
FOREX Trading Strategy: Flat
LEVELS: 10736 10771 10795 10867 10897 10926
--- 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.