Prices broke support at the bottom of a rising channel carved out over the past three weeks (87.89) to challenge the 23.6% Fibonacci retracement at 87.33. A break below that aims for the 38.2% level at 86.66. The channel bottom has been recast as resistance, with a reversal back above that targeting the January 4 highat 88.40.
4hr 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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