US Dollar Technical Analysis: Major Breakout Threatened
US Dollar Technical Analysis– Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices are now testing below key support at a rising trend line set from December 2012, a barrier reinforced by the 38.2% Fibonacci retracement at 10510. A break below the latter level targets the 50% level at 10397. Near-term resistance is at 10576, the March 11 high, with a turn back above that eyeing the 23.6% Fib at 10650.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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