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Prices are testing resistance at 1.0397, the 23.6% Fibonacci expansion level. A break higher exposes a major falling trend line at 1.0511, a hurdle reinforced by the 38.2% Fib at 1.0551. Near-term support lines up at 1.0173, a horizontal barrier that has contained the downside over the past three months, with a push lower broadly exposing the parity level.
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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