According to I.Spivak, analyst at DailyFX, “prices continue to stall ahead of resistance in the 1.6259-1.6300 area, marked by the late April swing top. Initial support stands at a falling trend line set from April 2011, now at 1.6121. A break below that exposes the 76.4% Fibonacci retracement at 1.6057. Alternatively, a push above resistance targets the 1.65 figure and the 123.6% extension at 1.6544”.
At the moment, the cross is up 0.23% at 1.6259 with the next hurdle at 1.6310 (high Sep.21, 2012) ahead of 1.6335 (high Aug.31 2011) then 1.6379 (Upper Bollinger) and 1.6455 (high Aug.29 2011).
On the flip side, a breakdown of 1.6208 (MA10d) would open the door to 1.6181 (low Sep.24) then 1.6145 (low Sep14) and 1.6065 (low Sep.12).