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USDOLLAR Inside Day after 2nd Largest Decline of Year

USDOLLAR Inside Day after 2nd Largest Decline of Year

2014-05-07 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR Inside Day after 2nd Largest Decline of Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDOLLAR has dropped into (and held) 10385. This was estimated support from October 2013 although a more important zone is defined by the June 2012 high and October 2013 low at 10323/55.

-The top of the zone is also home to the line that extends off of the 2011 and 2012 lows and downward sloping channel support. Trading wise, it’s dangerous to look higher as long as price is below Friday’s high. I wouldn’t look to be a hero on the long side until Friday (and at slightly lower levels) at the earliest.

LEVELS: 10275 10313 10355 | 104271045510495

--Trading specifics (setups with entries, stops, targets) are available to J.S. Trade Desk members.

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