Prices bounced from support at 77.95, the 23.6% Fibonacci retracement, to test the 38.2% level at 78.45. A break above that exposes the top of a falling channel set from late June, now at 78.79. Alternatively, a reversal below support targets 77.47.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.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 firstname.lastname@example.org
- Investment & Company Information
- Fibonacci retracement