USDOLLAR Declines Sharply from 61.8% Retracement of June Decline
Chart Prepared by Jamie Saettele, CMT
-“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).
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