Prices are testing support at 1.5383, the 38.2% Fibonacci retracement, a barrier reinforced by the lower boundary of a falling channel set from the late June swing top (now at 1.5405). Near-term resistance lines up at 1.5532, the 23.6% Fib, with a break above that targeting the channel top at 1.5659. Alternatively, a breach below support exposes the 1.5261-70 area.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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