Prices are testing support at a rising trend line set from late July, a barrier reinforced by the 38.2% Fibonacci retracement at 100.13 and the psychologically significant 100.00 figure. A break below the latter level initially exposes the 50% Fib at 98.98. Near-term resistance lines up at 101.55, the 23.6% level, with a push above that target targeting the September 17 high at 103.85.
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
- Fibonacci retracement