US Dollar Technical Analysis– Prices recovered to test falling trend line resistance set from the July 8 high (10800), completing a bullish Morning Star candlestick pattern. A break higher initially targets the 23.6% Fibonacci retracement at 10867. Near-term support is at 10740, the July 23 swing low.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart – Created Using FXCM Marketscope 2.0
— 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