Prices broke above resistance at 0.8275, the 76.4% Fibonacci expansion, exposing the 100% level at 0.8372. The 0.8275 level has now been recast as support, with a reversal back below that aiming for rising channel resistance-turned-support is at 0.8248.
Daily 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.