Prices are testing support-turned-resistance at a rising trend line set from mid-September (1.0044), a barrier reinforced by the 50% Fibonacci expansion at 1.0026. A break above 1.0044 aims for the 61.8% level at 1.0076. Support is at 0.9977, the 38.2% expansion. An actionable trade setup is absent for now and we will stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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