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Prices completed a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011 and broke through upward-sloping support set from the June swing bottom, hinting a significant reversal is at hand. Initial rising trend line support is at 1.2897, followed by the 23.6% Fibonacci expansion level (1.2826). A reversal back above trend line resistance (now at 1.3036) exposes a long-term downward-sloping barrier at 1.3085. We have now enteredshort.
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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