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Prices are testing resistance in the 0.9184-0.9203 area marked by the 23.6% Fibonacci retracement and the top of a falling channel set from mid-November. A break higher exposes the 38.2% level at 0.9247. Near-term supports line up at 0.9115 (the channel midline) and 0.9083 (the December 20 low).
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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