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USDOLLAR Bear Trap or Real Reversal?

USDOLLAR Bear Trap or Real Reversal?

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-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.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.