Prices are bounding from support at 100.13, marked by the 38.2% Fibonacci retracement and reinforced by a rising trend line set from late July as well as the psychologically significant 100.00 figure. Initial resistance lines up at 101.55, the 23.6% level, with a push above that targeting the September 17 high at 103.85. Alternatively, a reversal through support exposes the 50% Fib at 98.98.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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