Prices are testing support at 1.2247, the 50%Fibonacci expansion. A bounce from here sees initial resistance lines up at 1.2366, the 38.2% Fib, with a break above that exposing 1.2429. Alternatively, renewed selling that takes prices through support targets 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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