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- A Bearish Engulfing candle pattern hints a move lower is ahead
- Below 1.6475 (23.6% Fib ret.) exposes 1.6356-71 (channel floor, 38.2% Fib exp.)
- Near-term resistance is in the 1.6667-91 area (Dec 24 high, channel top)
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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