Prices are testing resistance at 0.8103, the 14.6%Fibonacci retracement. This barrier is reinforced by the underside of a previously broken rising trend line set from late July. A break above that exposes the October 22 high at 0.8164. Near-term support is at 0.8066, the 23.6% retracement. A drop below that aims for the 38.2% retracement at 0.8006.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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