Prices continue to stall after taking out resistance at 0.9943, the 38.2% Fibonacci retracement. Near-term resistance is at 1.0039, the 50% level.The 0.9943 level has been recast as support, with a drop back below that targeting the 0.9791-33 area. Overall positioning continues to favor a move to a measured upside target at 1.0140 after the pair completed an inverse Head and Shoulders bottom on October 19.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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