Prices are testing support at a rising trend line set from late July (0.8017). This barrier is reinforced by the 38.2%Fibonacci retracement at 0.8006. A break below that exposes the 0.7950-57 are marked by the May 16 low and the 50% retracement. Resistance lines up at 0.8066, the 23.6% Fib. A break above that aims for 0.8095 and 0.8164.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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