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Prices continue to consolidate within a Descending Triangle carved out since late July. A Rising Wedge pattern set from the early-October swing coupled with a Bearish Engulfing candlestick formation below Triangle resistance hint at a downswing ahead. Wedge support is now at 1.0406, with a drop below that aiming to challenge the 23.6% Fibonacci expansion at 1.0322. Alternatively, a break above the Triangle top (now 1.0482) exposes the August 9 close at 1.0578. We continue to hold short.
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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