Prices edged higher as expected after putting in a Hammer candlestick above rising trend line support set from late July. Initial resistance remains at 1.3150, marked by the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 1.3244. Alternatively, a drop through the trend line (now at 1.3001) aims for the December 7 low at 1.2875.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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