Prices took out rising trend line support set from the June 1 low, hinting at deeper losses ahead. Initial support lines up at 1.5788, the 50% Fibonacci retracement, with a break below that exposing the 61.8% level at 1.5665. Trend line support-turned-resistance is now at 1.5873, with a nudge back above that exposing the 38.2% Fib at 1.5911. A short entry order set at 1.5850 has now been triggered.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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