US Dollar Technical Analysis– Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. The greenback found interim support above a rising trend line set from late February and launched a recovery, with the bulls now challenging the 50% Fibonacci retracement at 10673. A further push higher targets the 61.8% level at 10721. The 38.2% Fib at 10625 is near-term support, with a reversal back beneath that eyeing the 10565-576 area marked by the 23.6% retracement and the March 11 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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