Prices are consolidating above support at 81.78, the 76.4% Fibonacci expansion. Resistance is at 82.61, the 100% Fib level, with a break above that targeting the 123.6% expansion at 84.33. Alternatively, a drop below support eyes the 61.8% mark at 81.26.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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