Prices broke support at 0.8066, the 23.6% Fibonacci retracement, exposing the 38.2% level at 0.8006. A further push below that targets the 50% level at 0.7957. The 0.8066 mark has been recast as near-term resistance. A reversal above that initially aims for the 14.6% Fib at 0.8103.
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, please CLICK HERE