Prices broke resistance at 0.8102, the 23.6% Fibonacci retracement, exposing the December 5 high at 0.8146. This barrier is reinforced by trend line support-turned-resistance at 0.8150. The 0.8102 level has been recast as near-term support, with a slide back below that targeting the 38.2% Fib at 0.8075.

8hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.