Prices are testing rising trend line support set from June (now at 1.6019). A break lower targets swing lows at 1.5913 and 1.5822. Near-term resistance is at 1.6064, the 50% Fibonacci retracement. A reversal above that aims for the 38.2% level at 1.6121.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE