USDOLLAR Bear Trap or Real Reversal?
Chart Prepared by Jamie Saettele, CMT
-Recent updates have maintained that “12100 (12104 is the September high and the breakout day low) remains key to maintaining a ‘breakout’ bias. Weakness below there could result in a swift reversal of fortune for the USDOLLAR.” The break below 12100 negates the ‘breakout’ and also signals a ‘breakdown’ from the 4 week range. While there may be bounces along the way, focus is on the long term slopes that provided support in May, August, and October.