US Dollar Technical Analysis– Prices turned lower as expected, finding initial support at 10803 marked by the 38.2% Fibonacci retracement. A bullish Piercing Line candlestick pattern hints at recovery ahead but confirmation requires a daily close above initial resistance at 10882, the 23.6% level (exposing the July 8 swing high at 11009 thereafter). Alternatively, a reversal below support targets the 50% Fib at 10739.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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