English
Français
Deutsch
Español
日本語
ελληνικά
العربية
中文
Dansk
Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support lines up at 106.15, the 23.6% Fibonacci retracement, with a drop below that targeting channel top resistance-turned-support at 105.62 and the 38.2% Fib at 105.03. Near-term resistance is at 107.95, the December 5 high.
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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
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.
