Prices are testing through the 23.6% Fibonacci expansion at 122.34 and falling channel support at 121.68. A confirmed daily-close break below the latter boundary exposes the 38.2% Fib at 120.20. Near-term resistance lines up at 123.68, the 14.6% expansion, followed by the channel top resistance now at 124.13.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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