Prices are pulling back from resistance at a falling trend line set from May 2011 to test support at 1.2902, the 23.6% Fibonacci retracement. A break below this barrier targets a minor trend line at 1.2786 and the 38.2% retracement at 1.2737. Trend line resistance is now at 1.3143.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
