Prices broke resistance at 113.50, the 23.6% Fibonacci expansion, exposing the 38.2% level at 115.28. A further push above that boundary aims for the 50% Fib at 116.71. The 113.50 level has been recast as near-term support, with a reversal back below that targeting the 14.6% expansionat 112.39.

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.