US Dollar Technical Analysis: Down to Lowest in 2 Weeks
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10942, 10880, 10817
- Resistance:11019, 11066, 11143
The Dow Jones FXCM US Dollar Index moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracement at 10942 exposes the 50% level at 10880. Alternatively, a turn above the 23.6% Fib at 11019 clears the way for a test of the 14.6% retracement at 11066.
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