Prices are consolidating above support in the 1.0120-1.0148 area, marked by the 50% Fibonacci retracement and a horizontal barrier reinforced by a rising trend line in place since early June. A break below this barrier exposes downside objectives at 1.0060 and 1.0002. Resistance stands at 1.0243, the 23.6% Fib, with a break above that exposing recent swing highs near the 1.03 figure.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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