Prices are retesting the underside of a rising channel set from mid-September (9997), a barrier reinforced by the 23.6% Fibonacci expansion (9995). A break above that targets the 10044-46 area, marked by the 38.2% level and the November 21 close. Rising trend line support is at 9939. A drop below that exposes the December 4 low at 9917.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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