Prices are testing support at 127.01, the 23.6% Fibonacci retracement, after pulling back from resistance at the top of a rising channel set from early June. A break below this level exposes a rising trend line set from August (126.23) and the 38.2% Fib at 124.16. Channel resistance is now at 129.86.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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