Prices broke above resistance at 0.9450, exposing the 38.2% Fibonacci retracement at 0.9503. A push above this level targets the 50% Fib at 0.9592. The first layer of significant resistance lines up at a formerly broken rising trend line set from the October 1 high, now at 0.9359, with a break beneath that exposing the 0.9213-38 area.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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