Prices are staging a shallow bounce from support 78.78 to retest the 79.00 figure, with a push back above that exposing 79.12. Renewed selling pressure that takes the pair through support exposes 78.60, followed by key 78.18-35 area that marked a major top between early November 2011 and late January 2012.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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