Prices took out major support marked by a rising trend line set from early June, the psychologically significant 100.00 figure, and the 23.6% Fibonacci expansion (99.75). Sellers are now testing the June 26 swing low at 98.74, a barrier reinforced by a longer-term expansion at 98.68. A break below that initially exposes the June 28 bottom 98.32, followed by another expansion at 96.87.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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