Prices took out minor resistance at 0.8095 to challenge the 50% Fibonacci retracement at 0.8128. A break above this barrier targets the 61.8% Fib at 0.8217. The 0.8095 level has been recast as near-term support, with a drop back below that exposing the 38.2% retracement at 0.8039 and a rising trend line set from the late-July swing bottom.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
