Prices are testing the 23.6% Fibonacci expansion at 0.7835, with a break lower exposing the 38.2% level at 0.7686. Initial trend line support-turned-resistance is now at 0.7915, with a push above that targeting a lager downward-sloping barrier set from late February, now at 0.8015.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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