Prices are testing falling trend line resistance set from the March 21 swing high (97.37), a barrier reinforced by the 23.6% Fibonacci retracement at 98.19. A break above the latter boundary targets the 100.00 figure and the 38.2% level at 100.72. Near-term support is at 96.63, the 14.6% retracement, with a break below targeting swing lows at 94.91 and 94.10.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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