Prices took out support at 77.96, marked by the June 1 close and the midline of an Andrew’s Pitchfork channel. Sellers now aim to challenge the September 13 close at 77.47, with a break below that exposing the Pitchfork bottom (76.86). The 77.96 level has been recast as resistance, with a break back above that aiming for the Pitchfork top at 78.92.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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