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Talking Points
- Prices put in a Bearish Engulfing candlestick pattern, hinting at a move lower ahead
- Initial support is at 0.8316 (23.6% Fib exp.); below that targets 0.8267 (38.2% Fib)
- Near-term resistance is at 0.8395, the December 9 swing high
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
Contact and follow Ilya on Twitter: @IlyaSpivak
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