Prices broke support at 0.9137, the 50% Fibonacci expansion, exposing the next downside at the 61.8% level (0.9048). The 0.9137 mark has been recast as near-term resistance. A reversal back above that aims to challenge the 38.2% Fib at 0.9225 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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