US Dollar Technical Analysis– Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. A recovery has now been mounted from a support cluster in the 10510-576 area, marked by the 38.2% Fibonacci retracement, the March 8 high, and a rising trend line set from mid-December 2012. A break above initial resistance at 10655 exposes the next upside barrier at 10697. Alternatively, a push below 10510 exposes the 50% Fib at 10397.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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