Prices are consolidating above support at the 23.6% Fibonacci retracement (9993), a barrier reinforced by a rising trend line set from the October 17 low (10009). Initial resistance is at 10071, the November 16 high, with a push above that targeting the 38.2% Fib expansion at 10123. Alternatively, a drop below 9993 exposes the 38.2% Fib at 9945.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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