Prices broke above resistance at 79.12 having taken out the top of a rising channel set from the July 26 low. Buyers now aim to challenge the next upside objective at 79.91, a former range top, with a break above that targeting 80.39. The 79.12 level has been recast as near-term support. Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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