Prices edged back below resistance-turned-support at 1.0410 to challenge a rising trend line set from the October 8 low (now at 1.0367), with a break below that exposing a multi-month range bottom at 1.0173. Alternatively, a push back above 1.0410 exposes long-term falling trend line resistance is at 1.0502. A push above that aims for 1.0578. An actionable trade setup is absent for now and we will continue to stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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