Prices are drifting higher after taking out resistance in the 0.7971-87 area, with buyers now challenging the 38.2% Fibonacci expansion at 0.8252. A break above this boundary exposes the 50% Fib at 0.8119. The 0.7971-87 region has been recast as near-term support. Negative RSI divergence warns a downswing may be ahead.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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