Prices broke through resistance at 0.9345, the 14.6% Fibonacci retracement, after bouncing from support at a rising trend line set from late February. Buyers now aim to challenge the 23.6% level at 0.9411, with a break above that exposing the 38.2% Fib at 0.9518. The 0.9345 level has been recast as support, with a drop back below that opening the door for another test of the trend line (now at 0.9253).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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