Prices are testing support at 94.16, the 61.8% Fibonacci expansion, with positive RSI divergence hinting a bounce may be ahead. Near-term resistance lines up at 94.77, the 50% Fib. A break above that exposes the 95.16-38 area. Alternatively, a push below support exposes the bottom of a falling channel set from the June 29 high, now at 93.53.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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