Strategy: Flat
Prices are wedged between support at 1.0003 and resistance at 1.0022, the 50% and 38.2% Fibonacci expansions respectively. A Bearish Engulfing candlestick pattern argues in favor of a downside scenario. A break downward exposes the 61.8% level at 0.9983. Alternatively, a rebound through resistance targets the 23.6% expansion at 1.0047. An actionable trade setup is absent for now and we will stand aside.
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.