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TFC Commodity Trading Forum

U.S.$ Index/ Pulling Back to 1st Support *PIC*

DX pulled back sharply to 1st support at 82.90 area on some b.s. 'story' out of Europe regarding the Euro. No surprise in these headline driven markets. DX has been in a steady confirmed uptrend for a year now and continues to zig zag higher taking out resistance levels one by one and then pulling back to higher support levels. Price could technically fall to the 11 month uptrendline at the mid 80 level and still be in a solid uptrend. Expect volatility both ways even within the uptrend. The financial chaos in currencies make measuring prices in many markets a coin flip. Add to that Summer markets are historically low volume,choppy and volatile and easily moved either way. Hence the saying "Sell in May and go away" has proven to be good advice over time.