Prices are testing support at 1.2366, the 38.2% Fibonacci expansion. Renewed selling from here exposes the June 1 low at 1.2287 and 50% expansion at 1.2247. Alternatively, a bounce sees initial resistance at 1.2429, followed by the 23.6% Fib at 1.2511. The psychologically significant 1.2500 figure reinforces the latter barrier.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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