Prices are hovering above support in the 0.9213-38 region, with a bounce targeting the 0.9381-0.9402 area marked by a range top set from late September and the 23.6% Fibonacci retracement. A break above that targets the underside of a rising trend line set from the October 17 low (0.9452). Alternatively, a drop below support initially aims for the 50% Fib expansion at 0.9133.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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