Prices are testing support at 0.9844, the 50%Fibonacci retracement, with a Hammer candlestick warning a rebound is ahead. Near-term resistance is at 0.9894, the 38.2% Fib, with a break back above that aiming for the 23.6% retracement at 0.9956. Alternatively, a break below support exposes the 61.8% level at 0.9794.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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