Prices rebounded from support in the 0.9213-38 region to target the 0.9381-0.9402 area, marked by a range top set from late September and the 23.6% Fibonacci retracement. A break above that targets the underside of a rising trend line set from the October 17 low (0.9465) and the 38.2% level at 0.9503. Alternatively, a drop below support initially aims for the 50% Fib expansion at 0.9133.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE