Prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area. Buyers are now mounting a shallow recovery from support at a rising trend line set from late October (1.0391). Near-term resistance is at 1.0537, marked by a rising trend line set from the December 26 low, with a break above that targeting 1.0578-1.0624 anew. Alternatively, a reversal through support eyes swing lows at 1.0344 and 1.0286.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Investment & Company Information