Prices are testing support at 117.22, the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 115.07. Near-term resistance is at 120.70, the January 18 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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