Prices broke resistance in the 0.8317-55 area, marked by the April 13 and September 28 highs. Buyers have now challenged the February 29 high at 0.8470, with a Shooting Star candlestick hinting a move lower is ahead. The 0.8317-55 region has been recast as support. A drop back below that aims for falling channel top resistance-turned-support at 0.8235. Alternatively, a push above resistance targets a rising channel top at 0.8546.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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