Prices are testing resistance at the top of a falling channel set from late June, with a break higher exposing the 38.2% Fibonacci retracement at 124.39. Near-term support is at 122.24, the 23.6% Fib, with a break lower beyond that targeting the 14.6% level at 120.92.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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