Prices are testing support at 0.8006, the 38.2% Fibonacci retracement, after taking out a rising trend line set from late July. Continued selling pressure exposes the 0.7950-57 area marked by the May 16 low and the 50% Fib. Trend line support-turned-resistance is now at 0.8026. A push back above that targets the 23.6% Fib at 0.8066.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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