Prices are showing a Hammer candle above support at 1.2247, the 50%Fibonacci expansion, hinting a bounce may be ahead. Initial resistance lines up at 1.2366, the 38.2% Fib. Alternatively, renewed selling pressure exposes the 61.8% expansion at 1.2131.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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