USDOLLAR Support Estimated at 11080
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“A double bottom with the October 2013 and July 2014 lows in USDOLLAR was confirmed on the push above 10756. The pattern’s objective is 11142 and the high last week was 11143! Extreme momentum and sentiment gives scope to a period of weakness in order to reset the market for its next advance. Daily RSI has moderated enough to reset the market for another push higher.” Near term support is seen at 11080. Significant resistance is seen above 11300.
--Trading ideasare available to J.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.