Prices took out support at 0.8076, the 14.6% Fibonacci expansion, after recoiling from critical falling trend line resistance capping gains since August 2011. Sellers now aim to challenge the 80.00 figure, a barrier reinforced by the 23.6% Fib at 0.7983. A break below that targets rising trend line support 0.7923. The 0.8076 level has been recast as near-term resistance, with a push back above that targeting 0.8175.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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