Prices rebounded from channel midline support to retest resistance at 1.3283, the May 1 high. This barrier is reinforced by the channel top at 1.3313. A break above that exposes the March 27 high at 1.3384. Alternatively, a reversal below the midline (1.3194) exposes the channel bottom at 1.3079.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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