Prices are bouncing from support at a rising trend line set from late July to challenge the 23.6% Fibonacci expansion at 101.92. A break above this boundary exposes the 38.2% level at 103.35. Alternatively, a reversal back through trend line support (100.45) targets the 100.00 figure and 99.82.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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