Prices completed a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011 (now at 1.3139), hinting a move lower is ahead. Initial support stands at a rising trend line set from the June swing bottom (1.2971), with a break below that exposing 1.2823. Alternatively, push above resistance targets the 38.2% Fibonacci expansion at 1.3232.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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