In the opinion of I.Spivak, Currency Strategist at DailyFX, “prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 23.6% Fibonacci expansion at 143.77, with a break below that aiming for the 14.6% level at 142.02. Near-term resistance is at 146.54, the 38.2% Fib. A recovery above that aims for the 147.96-148.83 area”.
At the moment, the cross is down 0.82% at 143.13 facing the next support at 143.00 (low Feb20) ahead of 142.80 (low Feb.15) and finally 141.00 (psychological level).
On the upside, a break above 144.70 (high Feb.20) would open the door to 144.80 (MA21d) and then 145.35 (high Feb.19).