US Dollar Technical Analysis: Selloff Finds Interim Support
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11019, 10942, 10880
- Resistance:11066, 11146, 11209
The Dow Jones FXCM US Dollar Index is attempting a recovery after falling as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 11066 exposes the 38.2% Fib expansion at 11146. Alternatively, a turn back below the 23.6% retracement 11019 clears the way for a test of the 38.2% threshold at 10942.
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