Prices are approaching 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
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- Fibonacci retracement