Prices broke through support at 122.34, the 23.6% Fibonacci expansion, as well as the bottom of a falling channel support set form the June 21 high. Sellers now aim to challenge the 38.2% Fib at 120.20. The channel bottom (now at 121.48) has been recast as near-term resistance, with a break above that exposing 122.34 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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