Prices are testing support at 1.0438, the 14.6% Fibonacci expansion level, with a break below that exposing the 23.6% barrier at 1.0324. Near-term resistance stands at a falling trend line set from late July 2011, now at 1.0563. A push above that targets the 1.06 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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