Prices are testing resistance at the underside of a previously broken rising channel set from late May (0.8267).A push above that targets a falling trend line at 0.8292. Initial support lines up at 0.80872, the 61.8% Fibonacci retracement, with a break below that targeting resistance-turned-support at a longer-term trend line set from late July 2011 (now at 0.8047).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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