Prices took out resistance at a falling trend line set from the late-February top, with the bulls now challenging the 0.7950-85 area. A break above that sees the next upside barrier at 0.8124. The trend line, now at 0.7865, has been recast as near-term support. A push back below that targets swing lows at 0.7812 and 0.7751.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com