Prices are pulling back from resistance at 0.8411, the 123.6% Fibonacci expansion. Initial support is at 0.8348, the 100% level, with a break below that targeting 76.4% Fib at 0.8286. Alternatively, a reversal above 0.8411 eyes the 138.2% expansion at 0.8449.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.