Prices are approaching support at 1.0120, the 23.6%Fibonacci expansion, a barrier reinforced by a rising trend line set from early June. A break below this boundary targets 0.9992. Alternatively, a break back above resistance at 1.0213, the 38.2% Fib, exposes the 50% barrier at 1.0290.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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