Prices continue to consolidate above resistance-turned-support in the 0.7971-87 area. The next upside barrier lines up at 0.8252, the 38.2% Fibonacci expansion. A break above this boundary exposes the 50% Fib at 0.8119. Alternatively, a break back below resistance exposes 0.7931 and 0.7857.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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