Prices are moving 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, exposing the bottom of a rising channel set from late July (now at 0.8185). 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
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