Prices are pulling back from resistance at 129.47, the 50%Fibonacci expansion, to retest the 38.2% level at 128.57 broken yesterday. A break back below this barrier targets channel resistance-turned-support at 126.48. Resistance is reinforced by a larger channel top at 130.10. A break above that exposes the 61.8% level at 130.94.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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