Prices are approaching support at 77.47, the September 13 close, after taking out 77.96. A break below this boundary targets the bottom of an Andrew’s Pitchfork channel, now at 76.81. The 77.96 level has been recast as resistance, with a push back above that exposing the Pitchfork top now at 78.88. An actionable trade setup is absent for now and we will stand aside until something concrete presents itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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