Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.8095, hinting at a possible double top. Initial support lines up at 0.8028, the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 0.7975. Alternatively, a reversal above resistance targets 0.8141.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com
- Investment & Company Information
- Fibonacci retracement