Prices are testing resistance at 113.50, the 23.6% Fibonacci expansion. A break higher targets the 38.2% level at 115.28. Near-term support is at 112.39, the 14.6% expansion, with a drop below that aiming for the December 21 low at 110.61.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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