Prices are hovering above support at 0.9111, the 100% Fibonacci expansion. A break lower exposes a falling channel bottom at 0.9060 and the 123.6% Fib at 0.9047. Channel midline resistance is at 0.9134, with a reversal above that aiming for the 76.4% expansion at 0.9175.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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