Prices are testing above long-term trend line resistance set from May 2011 (now at 1.2995). A break above this barrier threatens to spark a major upside trend reversal, initially exposing 1.3129. Initial support lines up at 1.2827, the 23.6% Fibonacci expansion, with a drop below that exposing the 1.27 figure and the 38.2% level at 1.2616.
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, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
