Prices turned lower after putting in a Bearish Engulfing candlestick pattern below 61.8% Fibonacci expansion (0.9870) coupled with negative RSI divergence. The pair is now probing below support in the 0.9771-80 area, marked by the 23.6% Fib retracement and the June 1 high. A confirmed break exposes the 38.2% retracement at 0.9723. Resistance remains at 0.9870.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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