Prices are edging lower after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support is at 110.71, the 14.6% Fibonacci retracement. A break below that targets the 23.6% level at 109.62. Near-term term resistance is at 112.49, the December 19 high.
8hr 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