Prices broke above resistance at 108.87, the 38.2% Fibonacci expansion, with buyers now targeting the 50% Fib at 109.79. The 108.87 level has been recast as support. A drop back below that targets the 23.6% expansion at 107.77.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE