US Dollar Technical Analysis: Trend Support at Risk Anew
US Dollar Technical Analysis– Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. A mild recovery faltered at resistance marked by the 38.2% Fibonacci retracement at 10655. Sellers now challenge a key support cluster in the 10510-576 area, marked by a longer-term 38.2% Fib, the March 8 high, and a rising trend line set from mid-December 2012. A drop beneath that initially aims for the 50% level at 10397.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.