Prices are wedged between support at 1.0003 and resistance at 1.0022, the 50% and 38.2% Fibonacci expansions respectively. A Bearish Engulfing candlestick pattern argues in favor of a downside scenario. A break downward exposes the 61.8% level at 0.9983. Alternatively, a rebound through resistance targets the 23.6% expansion at 1.0047. An actionable trade setup is absent for now and we will stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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