Prices are testing support at 121.52 marked by the 23.6% Fibonacci retracement and the formerly broken top of a rising channel. A break below that targets the 38.2% level at 120.66. Near-term resistance is at 122.90, the January 27 high.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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