Prices are stalling above support at 1.2831, the 23.6% Fibonacci expansion. Resistance lines up at a long-term falling trend line established from May 2011, now at 1.3107. A break above that initially targets 1.3283. Alternatively, a reversal through support exposes a rising trend line set from the July 24 low (1.2759) and the 38.2% Fib (1.2620).
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