Prices declined as expected after putting in a Harami candlestick pattern below multi-month range resistance at 1.0578. Sellers are now testing through near-term support at the 23.6% Fibonacci retracement (1.0482) to challenge the 38.2% level (1.0418). A break of that aims for the 50% Fib at 1.0366.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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