Prices put in a bullish Piercing Line candlestick pattern above support at 9835, the 23.6% Fibonacci expansion, hinting a rebound may be a head. Overall positioning favors weakness absent a close above falling channel top resistance at 9922, making any rebound falling short of that corrective. A drop below support exposes the 38.2% retracement at 9765.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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