Prices broke above resistance at 134.62, the 61.8% Fibonacci expansion, exposing the 76.4% level at 135.63. A further push above that aims for 137.22. The 134.62 level has been recast as near-term support, with a drop back below that exposing the 50% expansion at 133.82.

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.