To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points

• Prices are consolidating above support at 158.08 (trend line from August)

• A break lower initially targets 157.06 (23.6% Fib retracement)

• Resistance at 159.44 (38.2% Fib exp.); above that eyes 160.90 (50% Fib exp.)

Confirm your chart-based trade setups with the Technical Analyzer.

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

New to FX? START HERE

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.