Prices broke below support at 1.0322, the 23.6% Fibonacci expansion, to challenge the bottom of a rising channel set from mid-July (1.0199). A break below that exposesthe 38.2% level at 1.0136. The 1.0322 level has been recast as resistance, with a break above that exposing trend line resistance at 1.0548.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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