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USDOLLAR Declines Sharply from 61.8% Retracement of June Decline

USDOLLAR Declines Sharply from 61.8% Retracement of June Decline

2015-06-30 19:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR Declines Sharply from 61.8% Retracement of June Decline

Chart Prepared by Jamie Saettele, CMT

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

-“The index surpassed 11900 and nearly reached 12050. Today’s (6/2) sharp reversal could be part of a broader topping process.”

-“The market has voted in favor of a breakdown. There is support down to about 11700 but weakness below there would open up the floodgates towards 11515/50.” 11700 ended up holding and the ensuing rally was rebuffed at the 61.8% retracement of the early June decline. The stage is set for another attempt on support (near 11770).

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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