Prices took out minor support at 97.63, exposing the 38.2% Fibonacci expansion at 96.86. A push through this boundary targets the 50% level at 95.40. The 97.63 level has been recast as near-term resistance, with breach higher targeting the 23.6% Fib at 98.67.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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