Prices are testing below support at 0.8039, the lower boundary of a bearish Rising Wedge chart formation and the 23.6% Fibonacci retracement. A confirmed break below that exposes the 38.2% Fib at 0.7927. Near-term resistance remains at a falling trend line set from the August 2011 swing high, now at 0.8151.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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