Prices broke below the 38.2% Fibonacci retracement at 0.9894, exposing the 50% level at 0.9844. A further push below that aims for the 50% Fib at 0.9844. The 0.9894 level has been recast as near-tern resistance, with a break back above that aiming for the 23.6% retracement at 0.9956.
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