Prices turned lower after putting in a Shooting Star candlestick resistance at the 1.63 figure. Sellers are now testing support at 1.6021, the 61.8% Fibonacci retracement. This barrier is reinforced by a rising trend line set from June. A break below that aims for the 76.4% Fib at 1.5945. Near-term resistance is marked by the 50% retracement at 1.6082.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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