Prices took out the top of a falling channel carved out over the past two weeks to challenge resistance at 123.78. A break above this boundary initially exposes 124.38. Channel resistance-turned-support is now at 123.18, with a breach back below that targeting 122.79.

4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com