US Dollar Technical Analysis– Prices moved lower as expected, with prices taking out support at the 23.6% Fibonacci retracement (10764) after completing a Bearish Engulfing candlestick pattern. Sellers now aim to challenge the 38.2% level at 10694, with a move beneath that exposing the 50% Fib at 10638. Alternatively, a move back above 10764 eyes the rising channel support-turned-resistance at 10799.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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