Prices launched sharply higher from support at 125.48, the 38.2% Fibonacci retracement level, clearing the 23.6% level and 127.07 to probe above the 14.6% level at 128.05. A confirmed break on a daily close basis exposes channel top resistance at 130.00. The 127.07 level has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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