Prices are testing support at a falling trend line that has capped the downside since early June, a barrier reinforced in the 1.0047-50 area marked by a former resistance level and the 61.8% Fibonacci retracement. A break lower initially exposes the 0.9953-76 region. Near-term resistance lines up in the 1.0115-23 area, with a break above that targeting trend line resistance now at 1.0197.
8hr 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, send a note with subject line "Distribution List" to ispivak@dailyfx.com
