Prices turned lower after challenging the underside of a previously broken rising trend line set from late July (0.8063) with sellers now aiming for the 38.2% Fibonacci retracement at 0.8006. A break below that targets the 0.7950-57 area. Alternatively, a reversal back above the trend line and the 23.6% Fib at 0.8066 aims for the 14.6% level at 0.8103.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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