Prices are testing above resistance in the 0.8082-92 area, marked by a former range bottom and the 61.8% Fibonacci retracement. A confirmed break higher targets the 0.8230-62 area. Near-term support lines up at 0.8003, a former resistance at a falling trend line set from the late February top, but would be trailed up to 0.8082-92 in the event that barrier is convincingly broken.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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