Prices broke support at a rising trend line set from late July low, exposes double-bottom support at 77.96. The trend line, now at 78.49, has been recast as near-term resistance. A break back above that targets the 23.6% Fibonacci expansion at 78.69.
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
