Prices pulled back as expected after putting in a Spinning Top candlestick. The pair has now launched a recovery from support at 81.99, the 14.6% Fibonacci retracement, with buyers aiming to challenge the March 15 high at 84.17. A break above that targets the 123.4% Fib expansion at 84.33. Alternatively, a drop below support eyes the 23.6% retracement at 81.48.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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