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Prices are testing resistance at 1.2394, the intersection of the 50% Fibonacci retracement and a downward sloping trend line set from late June. A break higher exposes the 61.8% level at 1.2477. Near-term support is at 1.2311, the 38.2% Fib.
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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