Prices pulled back as expected after putting in a Spinning Top candlestick. Near-term support is at 81.99, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis targeting the 23.6% level at 81.48. Alternatively, a break above resistance exposes the March 15 high at 84.17.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.