Prices broke above 38.2% Fibonacci expansion resistance at 1.3244, exposing the 50% level at 1.3321. A further break above that targets the 61.8% Fib at 1.3399. The 1.3244 level has been recast as near-term support. A reversal back below that aims for the 1.3128-49 area, marked by the 23.6% expansion and the September 14 close.
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.