Prices are retesting resistance at a major falling trend line set from late July 2011 (1.0476), a barrier reinforced by the underside of a Rising Wedge chart pattern completed on November 14 (1.0499). A break higher targets 1.0578. Initial support lines up at 1.0367, the 23.6% Fibonacci expansion, with a drop below that exposing the 1.0136-81 area. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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