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US Dollar Technical Analysis: Bulls Force Shallow Bounce

US Dollar Technical Analysis: Bulls Force Shallow Bounce

2013-06-19 07:03:00
Ilya Spivak, Head Strategist, APAC
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US Dollar Technical Analysis Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices found interim support above a rising trend line set from late February and pulled up to retest resistance in the 10565-576 area, marked by the 23.6% Fibonacci retracement and the March 11 high. A break above that aims for the 38.2% level at 10625. Trend line support is now at 10454.

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Bulls Force Shallow Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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