Prices broke resistance at 0.8006, the 38.2% Fibonacci retracement level, with the bulls now challenging the underside of a previously broken rising trend line set from late July (now at 0.8053). This barrier is reinforced by the 23.6% Fib at 0.8066, with a break above that exposing the 14.6% level at 0.8103. The 0.8006 level has been recast as support, with a drop back below that targeting the 0.7950-57 area.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE