Prices are testing above resistance at 0.8114, the 38.2% Fibonacci retracement, with a break above that targeting rising channel support at 0.8152 and the 50% level at 0.8161. Channel support is at 0.8093, with a break below that aiming for the 23.6% Fib at 0.8055.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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