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Prices broke above resistance at 121.47 marked by the 61.8 Fibonacci expansion and a rising channel top, exposing the 76.4% barrier at 122.50. A further push above that aims for the 100% Fib at 124.19. The 121.47 mark has been recast as support, with a reversal back below that looking to challenge the 50% expansion at 120.64.
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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