Prices are stalling below resistance at 0.8154, with negative RSI divergence hinting a move downward may be ahead. Initial support lines up at 0.8107, the 14.6% Fibonacci retracement. A break below that targets the 23.6% level (0.8069), a barrier reinforced by a rising trend line set from late July. Alternatively, a push above resistance aims for the January 9 high at 0.8220.
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