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Strategy: Pending Long
Prices are testing above resistance at 1.3397, the 61.8%Fibonacci expansion. A confirmed break on a daily closing basis targets the 76.4% expansion at 1.3491. Near-term support is at .3245, the 38.2% Fib. A reversal back below that targets the 1.3129-49 area marked by the September 14 close and the 23.6% level. We continue to monitor the pair for an actionable long entry in line with our 2013 outlook.
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
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