US Dollar Technical Analysis: Signs of Recovery Emerge
US Dollar Technical Analysis– Prices put in a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Initial resistance is at 10735, the 23.6% Fibonacci retracement, with a break above that aiming for the underside of a rising trend line set from mid-June (10772) and the 38.2% level (10787). Near-term support is at 10650, the August 8 low.
Daily Chart - Created Using FXCM Marketscope 2.0
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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