Prices are testing the top of a falling channel set from the mid-September swing top (now at 0.8245), with a break higher initially exposing 0.8317. Upward-sloping support is at 0.8138, with a push below that targeting the channel bottom at 0.8053.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed