USDOLLAR 10736/55 Could Produce an Important Low

DailyFX

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 10736/55 Could Produce an Important Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote last week that “the USDOLLAR rally is impressive and has retraced exactly 61.8% of the decline from the July high. The advance forms a steep channel as well. This is probably a good place for a pullback to get underway. If it does, then expectations are for support near 10800/25.” Price has dropped below 10800 and is nearing potentially strong support from the European session low on 7/30 at 10755 and the 7/29 close at 10736. Trendline resistance reinforces the area as well.

FOREX Trading Strategy: Flat

LEVELS: 10693 10736 10755 10806 10832 10862

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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