Prices turned lower after retesting support-turned-resistance at 0.8042, the intersection of the 23.6% Fibonacci retracement and the underside of a Rising Wedge chart pattern carved out since late May. Initial support lines up at 0.7929, the 38.2% Fib, with a break below that targeting the 50% level at 0.7839. Alternatively, a push back above resistance exposes a long-term trend line barrier at 0.8143.
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, send a note with subject line "Distribution List" to firstname.lastname@example.org
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.