Prices pulled back from resistance at 1.0397, the 23.6% Fibonacci expansion level, to retest the 14.6% barrier at 1.0303. A drop below this boundary exposes range support at 1.0173. Alternatively, a reversal through resistance targets a major falling trend line at 1.0525, a hurdle reinforced by the 38.2% Fib at 1.0551.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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