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
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