The Dow Jones FXCM US Dollar Index recovered as expected following the formation of a bullish Piercing Line candlestick pattern. Prices have completed four consecutive days on the upside and now stand poised to challenge resistance capping gains since late May. A daily close above the 12043-59 area, marked by the May 31 highand the 61.8% Fibonacci expansion, exposes the 12123-49 zone bracketed by the March 12 top and the 76.4% level. Alternatively, a turn back below the 50% Fib at 12008 opens the door for a challenge of the 38.2% expansion at 11956. On a long-term basis, the trend in the US Dollar has favored the ... (full story)