Prices took out resistance marked by the tops of a Triangle consolidation chart pattern and a falling channel set from late June, hinting at further gains ahead, and we entered long. The bulls now aim to challenge 79.53, with a break above that exposing the 80.00 figure and 80.39. Support is now at 78.66, with a break back below that targeting 78.14.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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