Prices are pulling back from resistance at 96.13, the 23.6%Fibonacci expansion, to challenge the 38.2% level at 95.38. A break below that exposes the 50% Fib at 94.77 as well as the top of a formerly broken falling channel set from June 29 high. Alternatively, a push higher though resistance targets 97.37.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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