Prices broke below a rising trend line set from the September 14 low, exposing the 38.2% Fibonacci retracement at 0.9894. A break below that exposes the 50% level at 0.9844. Near-term resistance lines up at 0.9956, the 23.6% Fib, a barrier reinforced by the trend line now at 0.9987. A break above that targets the parity figure, followed by the November 16 high at 1.0056.

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