Prices broke below the bottom of a falling channel carved out over the past two months, hinting at bearish acceleration ahead. Near-term support lines up at 0.9937, the 76.4% Fibonacci expansion, with a break blow that targeting the 100% level at 0.9846. The channel bottom, now at 0.9961, has been recast as resistance. A push above that aims for the 61.8% Fib at 0.9993.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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