Prices are consolidating below resistance at the underside of a previously broken rising trend line set from late July (0.8075), a barrier reinforced by the 23.6% Fibonacci retracement at 0.8066. A break higher targets the 14.6% level at 0.8103. Alternatively, a push below support at 0.8006, the 38.2% retracement, exposes the 0.7950-57 area.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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