In the opinion of I.Spivak, Currency Strategist at DailyFX, “prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 1.3643, the 100% Fibonacci expansion. Sellers are now testing below the 61.8% level at 1.3395, with a break exposing the 38.2% mark at 1.3242. Near-term resistance is at 1.3494, the 76.4% Fib”.
At the moment, the cross is losing 0.20% at 1.3371 facing the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) and then 1.3215 (Lower Bollinger).
On the flipside, a break above 1.3462 (low Feb.5) would expose 1.3510 (MA10d) and finally 1.3577 (high Feb.7).