Prices are testing support at 0.7929, the 38.2% Fibonacci retracement, with a break below that targeting the 50% level at 0.7839. Resistance stands at 0.8042, the 23.6% Fib, with a push above that targeting the underside of a Rising Wedge pattern set from the late-May bottom (0.8062) and a long-term trend line at 0.8139.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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