Prices broke resistance at 0.8102, the 23.6% Fibonacci retracement, exposing the December 5 high at 0.8146. This barrier is reinforced by trend line support-turned-resistance at 0.8150. The 0.8102 level has been recast as near-term support, with a slide back below that targeting the 38.2% Fib at 0.8075.
8hr 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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