Prices are testing above 100% Fibonacci expansion resistance at 0.8504, with a confirmed break on a daily closing basis exposing the 123.6% level at 0.8560. Near-term support is at 0.8447, the 76.4% Fib. A reversal back below that initially eyes the 61.8% expansion at 0.8412.

Forex_Analysis_EURGBP_Classic_Technical_Report_01.25.2013_body_Picture_1.png, Forex Analysis: EUR/GBP Classic Technical Report 01.25.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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