US Dollar Technical Analysis: Major Breakout Threatened


US Dollar Technical Analysis Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices are now testing below key support at a rising trend line set from December 2012, a barrier reinforced by the 38.2% Fibonacci retracement at 10510. A break below the latter level targets the 50% level at 10397. Near-term resistance is at 10576, the March 11 high, with a turn back above that eyeing the 23.6% Fib at 10650.

View photo

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Major Breakout Threatened

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)