Prices broke support in the 0.9213-38 region to challenge the bottom f a falling channel set from the November 13 high at 0.9333. This barrier is reinforced by the 50% Fibonacci expansion at 0.9133. A break below the latter level targets the 61.8% level at 0.9044. The 0.9213-38 area has been recast as resistance, with a push back above that targeting the channel top at 0.9334.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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