Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.8470, the February 29 2012 high, hinting a move lower is ahead. Near-term support is in the 0.8317-55 area, with a break below that aiming for rising channel support at 0.8227. Alternatively, a reversal above 0.8470 eyes the channel top at 0.8612.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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