Thursday, February 3, 2011

Dollar Today - Real Bounce or Dead Cat Bounce?

I am really going to start believing these Fibonacci retracements. Here is an updated daily chart for the dollar future.


As you can see, the greenback is bouncing off the last retracement line - 78.6%. Uncanny to say the least. At the same time, the dollar bounced off previous support line only to slice through them a couple of days later! Which way his way?

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