Prices declined as expected after putting in a Harami candlestick pattern below multi-month range resistance at 1.0578. The pair is now stalling above the 50% Fibonacci retracement at 1.0366. A break below that aims for the 61.8% level at 1.0315. Near-term resistance is at 1.0418, the 38.2% Fib, with a reversal above that aiming for the 23.6% retracement at 1.0482.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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