Prices bounced from support at 1.2830, the 23.6% Fibonacci expansion reinforced by a rising trend line set from the late July bottom. Major falling trend line resistance stands at 1.3045, with a break above that targeting swing tops at 1.3070 and 1.3171. Alternatively, a breach below 1.2830 on a daily closing basis exposes the 38.2% expansion at 1.2620.

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
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed