Prices took out resistance at 0.9861, the 38.2% Fibonacci retracement level. The bulls now aim to challenge the 50% level at 0.9932, a barrier reinforced by a falling trend line set from the June 4 high. A break above that targets the psychologically significant parity figure. The 0.9861 level has been recast as support, with a drop back below that targeting the 23.6% Fib at 0.9774.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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