Prices followed lower after forming a Bearish Engulfing below resistance at 78.87, marked by the 50% Fibonacci retracement and the top of a falling channel set from June, taking out the 38.2% level at 78.45. Sellers now aim to challenge the 23.6% level at 77.95. The 78.45 level has been recast as near-term resistance, with a push back above that targeting 78.87 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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