The US Dollar Index lost 10-day support last week, underpinning the latest spike downward. A rejection at the 71.31 daily pivot (Spring ‘08 lows), buoyed a recovery back to the latest swing low just above 72.00. More importantly, today’s price-action has ended a trend of intra-day lower top’s and now is expected to test the 72.40 zone that occupies the 10 & 20-day moving average, and the 38.2% retracement. We continue to recommend shorting the US Dollar Index at the 10-day moving average with a tight stop above the 20-day moving average.
Strategy Summary: SELL USDX AT 72.40 FOR 70.50, STOP AT 72.65 LONG EUR/USD AT 1.5816 FOR 1.6148 (TARGET), STOP AT 1.5772
Strategy Summary: SELL USDX AT 72.40 FOR 70.50, STOP AT 72.65 LONG EUR/USD AT 1.5816 FOR 1.6148 (TARGET), STOP AT 1.5772
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