Prices are testing support-turned-resistance at a rising trend line set from mid-September (1.0044), a barrier reinforced by the 50% Fibonacci expansion at 1.0026. A break above 1.0044 aims for the 61.8% level at 1.0076. Support is at 0.9977, the 38.2% expansion. An actionable trade setup is absent for now and we will stand aside.
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