Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern below rising channel resistance, taking out support at 0.8154 and exposing an upward-sloping trend line barrier at 0.8101. A further push below that targets the channel bottom at 0.8031. The 0.8154 mark has been recast as near-term resistance, with a turn back above that aiming for the channel top at 0.8234.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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