Prices put in a Spinning Top candlestick below resistance at a falling trend line established from May 2011, hinting a move lower may be ahead. Initial support lines up at 1.2831, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.2619. Trend line resistance is now at 1.3065. A breach above that targets the September 17 high at 1.3171.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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