Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The drop below multi-month trendline support argues for at least a deeper setback with .9294 and .9229 of interest. I mention ‘at least’ because it’s also possible that a major top is in place (look at the weekly, which sports a potential year+ long head and shoulders top). Near term resistance is .9396.
FOREXTrading Strategy: The trendline break is enough to turn bearish for at least .9294 (50% retracement).
LEVELS: .9184 .9229 .9294 .9396 .9433 .9471