Prices broke resistance in the 0.8317-55 area, marked by the April 13 and September 28 highs. Buyers have now challenged the February 29 high at 0.8470, with a Shooting Star candlestick hinting a move lower is ahead. The 0.8317-55 region has been recast as support. A drop back below that aims for falling channel top resistance-turned-support at 0.8235. Alternatively, a push above resistance targets a rising channel top at 0.8546.

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.