Prices are staging shallow recovery following a test of support at 1.0136, the 38.2%Fibonacci expansion. Initial falling channel resistance is at 1.0279, a barrier reinforced by the 23.6% Fib at 1.0322. A push above that exposes major trend line resistance at 1.0537. Alternatively, a reversal through support aims for the 50% expansion at 0.9986.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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