Prices price are testing the 23.6% Fibonacci retracement at 1.0368 after taking out support at the bottom of a rising channel set from early June. A break below this boundary exposes the 38.2% Fib at 1.0218. The channel bottom, now at 1.0452, has been recast as near-term resistance. A push back above that targets the 1.05 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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