Prices are probing past resistance at 1.5647, the 50% Fibonacci expansion, to test above the upper boundary of a falling channel set from the June 20 high. A break above the latter barrier exposes the 61.8% Fib at 1.5707. Near-term support remains at 1.5586 marked by the 38.2% expansion for the time being but would be revised higher to 1.5647 on a confirmed break above that level.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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