Prices are stalling above support at 94.77, the 50%Fibonacci expansion. Near-term resistance lines up in the 95.16-38 area, marked by a horizontal pivot level and the 38.2% level, with added reinforcement found in the top of a falling channel set from June 29 high. A break above this boundary neutralizes near-term downside pressure and initially exposes the 23.6% Fib at 96.13. Alternatively, a drop back below support targets the 61.8% expansion at 94.16.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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