Prices put in a Bearish Engulfing candlestick pattern below resistance at 1.2335, a barrier reinforced by a falling trend line set from late April, hinting a move downward is ahead. Initial support lines up at 1.2161, with a break below that exposing 1.2041. Alternatively, a push above the trend line on a daily closing basis targets 1.2442, the June 28 close.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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