Prices are testing support in the 0.9699-0.9735 area marked by the May 31 top and the 38.2% Fibonacci expansion. The barrier is reinforced by a rising trend line set from the May 1 low. A break below the latter boundary exposes 0.9455. Near-term resistance lines up at 0.9869 and 0.9977, the 61.8% and 76.4% expansions respectively.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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