Prices broke above resistance at 134.62, the 61.8% Fibonacci expansion, exposing the 76.4% level at 135.63. A further push above that aims for 137.22. The 134.62 level has been recast as near-term support, with a drop back below that exposing the 50% expansion at 133.82.
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.