Prices are testing below support at 0.8674, the 50% Fibonacci expansion, with a breakdown targeting the 38.2% level at 0.8646. Near-term resistance is at 0.8703, the 61.8% Fib. A push above that aims for a rising channel top at 0.8716 and the 76.4% expansion at 0.8738.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE