Prices are pulling back from resistance at the 1.6300 figure after putting in a bearish Gravestone Doji candle. Sellers cleared initial support is at 1.6177, a former range top, and now challenge a rising channel top at 1.6541. A break below that exposes the 1.5951-1.60 area. Alternatively, a reversal back above 1.6177 targets the 1.63 mark anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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