Prices took out support at 0.9345, the 14.6% Fibonacci retracement, to expose a rising trend line set from late February (now at 0.9267). A break below this boundary initially exposes the September 14 low at 0.9238. The 0.9345 level has been recast as near-term resistance, with a reversal back above that targeting the 23.6% Fib at 0.9411.
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, send a note with subject line "Distribution List" to ispivak@dailyfx.com
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed.
