Prices pulled back from resistanceat 125.28,the 50% Fibonacci retracement level, to retest interim support at a falling trend line resistance set from the May 22 high (now at 124.54). A break below this boundary exposes the 38.2% Fibat 123.74. Alternatively, a renewed push higher that takes out near-term resistance targets the 61.8% level at 126.81.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
