USDOLLAR Dips from above October High; Support at 10500

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Dips from above October High; Support at 10500

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.

-The advance is impulsive. A corrective decline would offer the opportunity to turn bullish. Estimated support is 10501. Weakness much below there opens up a possible drop towards 10450 and the topside of the broken trendline.

Trading Strategy: Flat

LEVELS: 10437 10476 10501 | 10580 10647 10691

--- 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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