Prices are pulling back from resistance at 1.3145, the 76.4% Fibonacci retracement level, to once again approach the 1.30 figure. This barrier is reinforced by the 61.8% level at 1.2934, with a break below that targeting the 50% retracement at 1.2763. Alternatively, a push above resistance exposes a falling trend line set from early May 2011, now at 1.3245.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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