Prices broke above resistance at 108.87, the 38.2% Fibonacci expansion, with buyers now targeting the 50% Fib at 109.79. The 108.87 level has been recast as support. A drop back below that targets the 23.6% expansion at 107.77.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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