Prices took out support 124.39, the 38.2% Fibonacci retracement level, exposing the 23.6% level at 122.24. The 124.39 mark has been recast as resistance. A break back above that targets a falling trend line set from late March, now at 125.15.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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