Prices broke resistance at 0.9880, the 23.6% Fibonacci retracement, a barrier reinforced by the top of a falling channel set from the mid-November top. The bulls now aim to challenge the 38.2% Fib at 0.9913, with a push above that exposing the 50% Fib at 0.9941. The 0.9880 level has been recast as support, with a drop back below that aiming for the December 13 low at 0.9825.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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