Prices snapped rising trend line set from early August as well as horizontal support at 125.63. Sellers now aim to challenge 124.01, a barrier reinforced by a larger rising trend line set from the June 1 low (now at 123.59). The 125.63 level has been recast as near-term resistance, with a break back above that targeting 126.54 and 127.08.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.