Prices are consolidating below resistance at 106.79, the 61.8%Fibonacci expansion. Initial support lines up at 105.54, the 50% level. This barrier is reinforced by a previously broken rising channel top at 105.35, with a drop below this exposing the 38.2% Fib at 104.33. Alternatively, a reversal above resistance targets the 76.4% expansion at 108.32.
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, please CLICK HERE
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.