Prices are testing above resistance at 79.53 having cleared the tops of a Triangle consolidation chart pattern and a falling channel set from late June last week, prompting us to enter long. Confirmation of a break on a daily closing basis exposes the 80.00 figure and 80.39. The 79.53 level would be revised to support in that event, but absent confirmation the 79.00 figure remains as the relevant downside barrier.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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