Prices are pulling back anew after testing resistance at the underside of a previously broken rising channel set from late May (0.8252).Initial support lines up in the 0.8054-82 area, with a drop below that exposing the 0.80 figure and the 50% Fibonacci retracement at 0.7962. Alternatively, a push above resistance targets a falling trend line at 0.8296.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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