The technicals

Looking at the charts, Rogers highlights key levels for forex traders to watch on the downside. He points to the bottom coming in at $1.8393.

“We bounced off the bottom three times in the past two weeks,” he says. “If we go below that level a lot of people will start to think the uptrend is over.”

Andrew Chaveriat, technical analyst at BNP Paribas, also says the key level on the upside is $1.8770, the July high.

Gains through that key resistance point would target a retest of the $1.91 area, he says.

“I would be bullish at this point and buy these dips,” he says.

He also highlights the $1.83 area as key to watch on the downside.

“A close under there would signal a deeper retracement,” Chaveriat concludes.