Prices are edging toward major resistance at the top of a Triangle chart pattern set from late July 2011, now at 1.0488. A break higher initially exposes 1.0578 (though the setup would imply a long-term upside target at 1.2181). Rising trend line resistance is at 1.0392, with a drop below that targeting 1.0173.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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