Prices broke through support at the bottom of a rising channel set from mid-September, exposing the 38.2% Fibonacci retracement at 9945. A break below that targets the 50% level at 9906. The channel bottom, now at 9970, has been recast as near-term resistance. A reversal back above that aims for the 23.6% Fib at 9993.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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