Prices are bouncing from support in the 0.8061-82 area, with the bulls seeing initial resistance at 0.8232 marked by the underside of a previously broken rising channel set from late May.A push above that aims for the 0.83 mark. Alternatively, a drop below support exposes the 0.80 figure and the 50% Fibonacci retracement at 0.7962.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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