Prices are consolidating below the 23.6% Fibonacci expansion at 1.2612, with the downside capped by the 38.2% level at 1.2562 for now. A break lower exposes the 50% Fib at 1.2522. Alternatively, a push above resistance targets falling trend line resistance set from the June 17 swing high, now at 1.2676.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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