Prices are testing above resistance at the top of a falling channel set from late July, a barrier reinforced by the 23.6% Fibonacci retracement at 0.9824. A break above the latter boundary exposes the 38.2% Fib at 0.9943. Near-term support is at 0.9632, the September 14 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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- Fibonacci retracement