Prices put in a Bearish Engulfing candlestick pattern below resistance at 120.13, the 123.6% Fibonacci expansion, hinting a move lower is ahead. Initial support is at 188.87, the 100% Fib, with a break below that aiming for the 76.4% expansion at 117.61. Alternatively, a reversal above 120.13 aims for the 138.2% level at 120.91.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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