Prices continue to press higher after taking out support-turned-resistance at 77.96. The bulls now aim to challenge 78.83, a horizontal barrier reinforced by the top of a falling channel set from late July (now at 78.93). The 77.96 level has been recast as near-term support, with a push back below that exposing 77.47 anew.
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