Prices continue to consolidate above resistance-turned-support in the 0.7971-87 area. The next upside barrier lines up at 0.8252, the 38.2% Fibonacci expansion. A break above this boundary exposes the 50% Fib at 0.8119. Negative RSI divergence warns a downswing may be ahead.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com