Prices are testing support in the 0.8058-92 area after putting in a Bearish Engulfing candlestick pattern below critical falling trend line resistance capping gains over the past 12 months. A break below that exposes trend line resistance-turned-support now at 0.7957. Resistance is now at 0.8183, with a breach above that initially targeting the 0.82 figure and 0.8262.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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