Prices took out resistance at 105.54, the 50% Fibonacci expansion, exposing the 61.8% barrier at 106.79. A further break above that targets the 76.4% expansion at 108.32. The 105.54 level has been recast as support and is reinforced by a previously broken rising channel top at 105.25.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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