Prices are approaching resistance at 133.48, the March 21 high. A break higher broadly exposes the 114.6% and 123.6% Fibonacci extensions at 135.63 and 136.95. Near-term support is at 131.45, with a break below that aiming for rising channel resistance-turned-support at 130.79. Negative RSI divergence continues to warn of ebbing momentum, hinting a reversal may be ahead.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE