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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (101094)	7/11/2004 6:27:01 PM
From: skinowski	Read Replies (1) \| Respond to of 209892

I am not so sure, MM. THe dollar index rallied pretty hard out of the February low, and more recently declined in 3 waves. 87 is the area where the second leg of the decline equals the first one. It is also a 70.7% retracement of the February rally, as well as a previous (classical TA) support level. Accelerating under 87 would be bearish, at least short term. A rally over 88 would create a bullish overlap. Short term on the hourly the index is sort of wedging down, and sports some bullish momentum divergences. Will probably bounce soon.