Prices are bouncing from support at 0.8006, the 38.2% Fibonacci retracement, to retest rising trend support-turned-resistance at 0.8031. A push above that targets the 23.6% Fib at 0.8066. Alternatively, a break below 0.8006 exposes the 0.7950-57 area marked by the May 16 low and the 50% Fib.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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