Strategy: Flat
Prices put in a Shooting Star candlestick below resistance at 1.0397, the 23.6% Fibonacci expansion level, hinting a move lower may be ahead. Near-term support lines up at 1.0173, a horizontal barrier that has contained the downside over the past three months. Alternatively, a break above resistance exposes a major falling trend line at 1.0515, a hurdle reinforced by the 38.2% Fib at 1.0551. Confirmation of an actionable trade setup is absent for now we will continue to stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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