Prices broke support in the 0.9381-0.9402 area marked by a range top set from late September, the 23.6% Fibonacci retracement, and a rising trend line set from the October 17 low. Sellers now aim to challenge the 0.9213-38 region, with a push below that aiming for the 50% Fib expansion at 0.9133. Alternatively, a push back above 0.9402 aims for the 38.2% Fibonacci retracement at 0.9503.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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