Prices broke support at a rising trend line set from late February and continued lower to take out the September 14 low at 0.9238. Sellers now aim to challenge the late April bottom at 0.9042. The 0.9238 level has been recast as resistance, with a reversal back above that aiming for trend line support-turned-resistance at 0.9309.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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