Prices are testing the 38.2% Fibonacci retracement at 123.12 after taking out rising trend line support set from early June. A break below this boundary exposes the 122.40-29 area. The trend line, now at 123.70, has been recast as near-term resistance. A break above that targets 124.38.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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