Prices are pulling back from resistance in the 80.39-51 area, marked by a horizontal barrier in play since early May and the 38.2% Fibonacci expansion. Initial support lines up at 80.04, the 23.6% expansion. A break below that aims for a rising trend line at 79.67. Alternatively, a break above resistance exposes the 50% level at 80.89.
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