Prices are testing support at 0.7928, the 23.6% Fibonacci retracement, with a finalized break exposing the 38.2% boundary at 0.7838. Near-term term resistance is at 0.7984 (the 14.6% retracement) for the time being, but would be shifted lower to 0.7928 if the downward breach is confirmed.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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