USDOLLAR Dips into Former Resistance (Now Support)

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eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Dips into Former Resistance (Now Support)

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The 12/20 outside day reversal raise the possibility of a near term top but higher lows are in place since Oct with the latest low at 10620. Look higher towards 10757 and 10812 as long as price is above 10620.

-The market has traded into minor resistance just above 10700. 10757 is also a possible reaction area. The next big resistance level is not until 10812.

Trading Strategy: Long, against 10620.

LEVELS: 10594 10620 10669 | 10726 10757 10812

--- 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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