Prices recovered from interim support in the 1.2855-1.2902 area to test initial resistance at the top of a falling channel set from mid-September (now at 1.3085).This boundary is reinforced bythe underside of a rising trend line set from the November 13 low (1.3119). A push above the latter level aims for the December 5 high at 1.3126. Alternatively, a drop below support exposes the 38.2% Fib at 1.2737.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.