Prices broke above range top resistance at 1.6177 and are now testing above rising channel resistance at 1.6270 to challenge the September 21 high at 1.6309. A break above that targets the 114.6% Fibonacci expansion at 1.6380. The 1.6177 level has been recast as near-term support, with a drop below that eyeing the channel bottom at 1.6133.
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