Prices are approaching support at 77.47, the September 13 close, after taking out 77.96. A break below this boundary targets the bottom of an Andrew’s Pitchfork channel, now at 76.81. The 77.96 level has been recast as resistance, with a push back above that exposing the Pitchfork top now at 78.88.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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