Prices are testing support at 1.0119, with a break lower exposing the bottom of a falling channel set from early June now at 1.0073. Near-term resistance lines up at 1.0161. A break below this boundary initially targets 1.0235, followed by the channel top now at 1.0279.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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