Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 50% Fibonacci retracement at 1.3353, a barrier reinforced by rising trend line supports set from late July and mid-November 2012. A break downward targets the 61.8% level at 1.3269. Initial resistance is at 1.3473, the 23.6% Fib expansion, with a reversal above that aiming for the 38.2% level at 1.3578. (full story)