Prices are turning lower after retesting Rising Wedge support-turned-resistance (1.0517).Rising trend line support is at 1.0359. A drop below that targets a multi-month range bottom at 1.0173. Alternatively, a reversal above resistance aims for the range top at 1.0578. An actionable trade setup is absent for now and we will continue to stand aside.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.