Prices are testing minor support at 97.69. A bounce from here sees resistance at 98.67, the 23.6% Fibonacci expansion. Alternatively, renewed downward pressure aims to challenge the 38.2% Fib at 96.86. A break below that exposing the 50% level at 95.40.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
