Prices broke through resistance at 0.9345, the 14.6% Fibonacci retracement, after bouncing from support at a rising trend line set from late February. Buyers now aim to challenge the 23.6% level at 0.9411, with a break above that exposing the 38.2% Fib at 0.9518. The 0.9345 level has been recast as support, with a drop back below that opening the door for another test of the trend line (now at 0.9253).
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, send a note with subject line "Distribution List" to email@example.com