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

Talking Points

• Bounce from 1.5482 (38.2% Fib, trend lines from Dec’12 & Jul’13) exposed 1.5571 (23.6% Fib)

• Daily close above 1.5571 targets 1.5720, the June closing high and a possible double top

• Reversal below support aims for 1.5409, the 50% Fib retracement

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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.