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Talking Points

• Prices turned lower as expected after putting in a Bearish Engulfing candle pattern

• A break of rising channel support set from mid-Sep has exposed 0.9409 (38.2% Fib)

• Back above the channel bottom (0.9490) eyes the 0.9522-42 area (Sep top, 23.6% Fib)

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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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