EUR/USD Technical Analysis– Prices broke below support at 1.2842, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1.2716. A further drop below that aims for the 50% Fib at 1.2613. The 1.2842 level has been recast as near-term resistance, with a move back above that eyeing the 14.6% expansion at 1.2920.

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

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