Prices are moving lower as expected after putting in a Harami candlestick pattern below resistance at 0.8470, the February 29 high. Sellers are now testing through support in the 0.8317-26 area, marked by the 14.6% Fibonacci retracement and the April 13 high. A break lower targets the 23.6% level, a barrier reinforced by a rising channel bottom (now at 0.8180). Alternatively, a reversal above 0.8355 targets 0.8470 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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