Prices are testing resistance at 0.8229, the 76.4% Fibonacci expansion. This barrier is reinforced by the top of a rising channel set from mid-September (0.8244). A break above the latter level targets the 100% expansion at 0.8273. Near-term support is at 0.8201, the 61.8% level, with a move below that exposing the 50% Fib at 0.8179.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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