Prices are testing support at 1.0218 – the 38.2% Fibonacci retracement, after taking out an interim barrier at 1.0285. A break downward exposes the 50% Fib at 1.0096. The 1.0285 mark has been recast as near-term resistance, with a push back above that targeting the 23.6% retracement at 1.0368.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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