Strategy: Flat
Prices pulled back from falling trend line resistance set from the September 14 high to challenge support at 1.5996, the 38.2% Fibonacci retracement. A break below that exposes the 50% retracement at 1.5899. Trend line resistance is at 1.6169, with a break above that broadly exposing the 1.63 figure. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.
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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