Prices are testing support at the bottom of a rising channel set from late December, aiming for the 23.6% Fibonacci retracement at 88.22. A break below that targets the 38.2% level at 86.97. Near-term resistance is at 90.24, the January 21 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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