Prices are pulling back from resistance in the 80.39-51 area, marked by a horizontal barrier in play since early May and the 38.2% Fibonacci expansion. Initial support lines up at 80.04, the 23.6% expansion. A break below that aims for a rising trend line at 79.67. Alternatively, a break above resistance exposes the 50% level at 80.89.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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