Prices are testing support at 0.7931, with a break lower exposing the June 28 low at 0.7838. Near-term resistance lines up in the 0.7971-87 area, marked by the June 20 swing top and the 23.6% Fibonacci expansion. A breach higher above this barrier exposes the 38.2% Fib at 0.8053.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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