Prices edged below the 38.2% Fibonacci retracement at 0.7975 to challenge support at a rising trend line set from late July, a barrier reinforced by a horizontal pivot level at 0.7950. A break below the latter boundary on a daily closing basis initially exposes the 61.8% Fib at 0.7889. Initial resistance lines up in the 0.7975-0.80 area, with a push above that targeting the 23.6% retracement 0.8028.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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