Prices broke resistance in the 0.8317-55 area, exposing the February 29 high at 0.8470.A push above that exposes rising channel top resistance at 0.8597. The 0.8317-55 region is now acting as support, with a reversal back below that aiming for the channel bottom (now at 0.8219). Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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