Prices are consolidating above support at a rising trend line set from early June, with resistance marked by the 23.6% Fibonacci expansion at 79.83. A break above this boundary exposes the 38.2% level at 80.25. Trend line support is now at 79.38.

4hr 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