Prices are testing through support at 96.87, the 38.2% Fibonacci expansion, with a break lower exposing the June 1 bottom at 96.42. Piercing below the latter boundary exposes the June low at 95.57 and 50% Fib at 95.40. Yesterday’s high at 97.87 and the 23.6% expansion at 98.68 mark near-term resistance.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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