Prices declined as expected after putting in a bearish Three Inside Down candlestick pattern below range resistance at 1.5736. Near-term support remains at 1.5484 for now and is reinforced by a rising trend line set from the June 1 swing low. A break below this barrier opens the door for a challenge of downside targets at 1.5392 and 1.5270.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
