Prices are testing resistance in the 78.54-65 area marked by a range top in place since mid-July and the top of a falling channel set from the June 24 high. A break higher exposes the 79.00 figure and 79.12. Near-term rising trend line support is now at 78.30, with a break below that targeting the range bottom at 77.96.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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