USDOLLAR Breakdown; Look Towards 11620/40
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“USDOLLAR continues to respect well-defined parallels. A drop below the lower parallel would indicate an important behavior change and potential for the largest decline since July 2014. At the same time, the median line could provide resistance near 12220.”
-“The drop below the support line indicates that trend has changed (to at least sideways and maybe down).” Today’s break below the median line sets a double top target at 10623. Be aware of the 1/21 low at 10643 as well.