Prices followed a break of the 50% Fibonacci expansion at 1.2148 with a push through the bottom of a falling channel set from late May. Sellers now aim to challenge the 61.8% level at 1.2004, with a break below that exposing the 76.4% expansion at 1.1831. The 1.2148 level has been recast as near-term resistance.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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