US Dollar Technical Analysis– Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers have now overcome the 38.2% Fibonacci retracement at 10510, exposing the 50% level at 10397. Near-term resistance is at 10576, marked by the March 11 high and a broken rising trend line set from December 2012. A move back above that eyes the 23.6% Fib at 10650.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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