Prices are testing below 38.2% Fibonacci retracement support at 1.5539, with a break below that exposing the 1.55 figure as well as the 23.6% Fib 1.5483. Near-term resistance lines up at 1.5584, the 50% retracement level. Overall positioning appears bearish whilst within the confines of a falling channel set from the June 20 high.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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