Prices broke below the 23.6% Fibonacci expansion at 1.2612 to challenge the 38.2% level at 1.2562. A break below this boundary exposes the 50% Fib at 1.2522. The 1.2612 mark has been recast as near-term resistance.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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