Prices are testing support at a rising trend line set from late July low, now at 78.46. A break below that exposes 77.96. Initial resistance lines up at 78.69, the 23.6% Fibonacci expansion. A push above that targets the 38.2% Fib at 78.94. Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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