Prices broke below rising channel support set from late May, exposing the 23.6% Fibonacci retracement at 0.8113. A breach of this level exposes the 38.2% Fib at 0.7964. Channel support-turned-resistance is now at 0.8208, with a reversal back above that aiming for long-term trend line resistance now at 0.8320.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE