Prices slipped below the parity figure and the 61.8% Fibonacci expansion to test the bottom of a falling channel carved out over the past two months, now at 0.9960. A break below this boundary targets the 76.4% Fib at 0.9937. The 61.8% expansion at 0.9993 has been recast as resistance, with a break above that exposing 1.0070.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com