Prices put in a Shooting start candlestick below resistance at 118.52, the 50% Fibonacci expansion, hinting a move lower may be ahead. Initial support is at 117.35, the 38.2% level, with a break below that exposing the 23.65 Fib at 115.90. Alternatively, a turn above resistance targets the 61.8% expansion at 119.71.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE