US Dollar Technical Analysis– Prices pulled back from resistance in the 10547-76 area, marked by the 23.6% Fibonacci expansion and the March 11 high, to test support at a rising trend line set from late March (now at 10450). A break below that initially eyes the April 2 low at 10391. Alternatively, a reversal above 10576 exposes the 38.2% level at 10643.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. 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