Prices are testing resistance at 106.79, the 61.8%Fibonacci expansion, after taking out the 50% level at 105.54. A further break higher targets the 76.4% expansion at 108.32. The 105.54 level has been recast as support and is reinforced by a previously broken rising channel top at 105.28.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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