Prices moved lower as expected after putting in a Harami candlestick pattern below resistance at 0.8470, the February 29 high. Sellers pushed through support in the 0.8317-55 area and are now testing the bottom of a rising channel set from late July (0.8193). A break below that exposes 0.8052. The 0.8317-55 region is now acting as near-term resistance.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE