Prices are wedged between resistance at a falling trend line set from the March 21 high (125.19) and the 38.2% Fibonacci retracement level (124.39). A break below support exposes the 23.6% Fib at 122.24. Alternatively, a push through the trend line initially targets the 50% level at 126.22.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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- Fibonacci retracement