US Dollar Technical Analysis: Candle Setup Hints at Reversal
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11960, 11898, 11836
- Resistance: 12037, 12149, 12214
The Dow Jones FXCM US Dollar Index put in a Harami candlestick pattern, hinting a move lower may be ahead. A daily close below the 61.8% Fibonacci retracement at 11960 exposes the 50% level at 11898. Alternatively, a move above the 76.4% Fib at 12037 clears the way for a test of the March 13 high at 12149.
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Daily Chart - Created Using FXCM Marketscope
** 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.