Prices are approaching resistance at 1.0455, the top of a rising channel set from early June. The barrier is reinforced by the 50% Fibonacci expansion at 1.0474, with a break above the latter boundary exposing the 61.8% level at 1.0562. Near-term support lines up at 1.0328, the July 5 high, followed by the 23.6% Fib at 1.0276.
8hr 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