Prices broke support at 0.8128, the 50% Fibonacci expansion, exposing a rising trend line set from the December 10 low (now at 0.8124). A push below that targets the 38.2% level at 0.8106. The 0.8128 level has been recast as near-term resistance, with a reversal back above that aims for the 61.8% Fib at 0.8150.

4hr 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

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