Prices are re
Prices broke above the 23.6% Fibonacci expansion level at 1.2830, a barrier reinforced by a falling trend line resistance set from the October 17 high. Sellers now aim to challenge the 14.6% level at 1.2960, with a push above that aiming for a larger trend line established from May 2011 (now at 1.3011). The 1.2830 mark has been recast as near-term support, with a break below that exposing the 1.27 figure and the 38.2% Fib at 1.2620. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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