Prices are testing resistance at 78.87 marked by the 50% Fibonacci retracement a barrier reinforced by the top of a falling channel set from late June. Initial support lines up at 78.45, the 38.2% Fib, with a break below that exposing the 23.6% level at 77.95. Alternatively, a push above the channel top initially targets the 61.8% retracement at 79.28.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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