Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Initial support is at 1.3245, the 38.2% Fibonacci expansion, with a break below that targeting the 1.3129-49 area. This barrier is reinforced by a rising trend line set from the July 24 2012 bottom (1.3097). Near-term resistance is at 1.3397, the 61.8% Fib. A turn above that aims for the 76.4% expansion at 1.3491.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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.