Prices broke rising trend line support set from the mid-September bottom, exposing a neckline barrier at 9925. A further drop below that exposes the bottom of a Flag formation at 9881. Near-term resistance is at 9963, the Flag top, with a break above that aiming for the 23.6% Fibonacci expansion at 9995.

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