Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.9411, the 23.6% Fibonacci retracement, hinting a move lower is ahead. Initial support lines up at 0.9345, the 14.6% level, with a break below that exposing a rising trend line set from late February (now at 0.9258). Alternatively, a reversal through resistance targets the 38.2% Fib at 0.9518.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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- Fibonacci retracement