Prices put in a Bearish Engulfing candlestick pattern below resistance in the 9928-38 area, hinting a move lower may be ahead, though follow-through has been absent so far. Still, the setup remains technically valid absent a close above the formation’s high at 9931. Initial rising trend line support is at 9815, with a break below that exposing the September 14 close at 9773. Alternatively, a push above resistance targets the top of a falling channel established from the June 1 swing high, now at 9953.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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