Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 0.8317-55 area, hinting a move lower is ahead. Near-term rising channel support is now squarely at 0.8202, with a break below that aiming for 0.8052. A drop below that targets 0.8052. Alternatively, a reversal through resistance aims for the February 29 high at 0.8470.
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