Prices took out resistance at 1.0207 to challenge the 38.2% Fibonacci retracement at 1.0232. A break above this boundary exposes the 50% retracement at 1.0273. The 1.0207 level has been recast as near-term support, with a push back below that exposing the 23.6% level at 1.0181.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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