Prices broke belowthe 23.6% Fibonacci retracement at 102.11 to challenge the 38.2% level at 100.58. A drop through this boundary targets the 100.00 figure and the 50% Fib at 99.34.The 102.11 level has been recast as near-term resistance, with a push back above that exposing the underside of a rising trend line set from late July (now at 103.44).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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