Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Near-term support is at 112.26, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 109.98. Near-term resistance is at 115.95, the January 2 high.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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