Prices are testing range top resistance at 1.6174, with a Bearish Engulfing candlestick pattern hinting a move lower is ahead. Near-term support is at the 1.60 figure, with a break below that exposing 1.5951 and a rising trend line set from early June now at 1.5941. Alternatively, a break above resistance targets the September 21 top at 1.6309.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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