Prices broke above the 90.00 figure to challenge rising channel resistance at 90.97. A break above that targets the 38.2% Fibonacci expansion at 91.32. Negative RSI divergence warns of ebbing bullish and hints a turn lower may be ahead however. A reversal back below 90.00 aims for the channel bottom at 88.74. We will look for a pullback to yield a long trade setup in line with our long-term view.
4hr 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, please CLICK HERE