Strategy: Flat
Prices remain locked between 0.8140 and 0.8221, the 23.6% and 14.6% Fibonacci retracements, respectively. A break higher exposes a channel top at 0.8266 and a major falling trend line set from late August, now at 0.8334. Alternatively, a push below support exposes the 0.8009-47 area marked by a horizontal pivot level and the 38.2% Fib. Current positioning doesn’t offer an actionable trade setup 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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