Prices turned lower from resistance in the 9928-38 area, marked by the late August swing bottom and the top of a falling channel set from the early June high. Sellers have now broken rising trend line support set from the September 14 low, exposing the next downside objective at 9823. A further push below that targeting 9740. Alternatively, a reversal through resistance initially aiming for 9985.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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