Prices pulled back from resistance at 142.00, the 50% Fibonacci expansion, to form a Bearish Engulfing candlestick pattern. Near-term support is at 140.54, the 38.2% level, with a break below that targeting the 23.6% expansionat 138.75. Alternatively, a reversal above resistance aims for the 61.8% mark at 143.40.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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