Prices are consolidating between support at 1.6099 and resistance at 1.6177. The upper barrier is reinforced by the bottom of a rising channel set from the November 15 low (1.6193). A break higher exposes the 1.63 figure. Alternatively, a drop below 1.6099 aims for the 1.60 figure, a psychological threshold bolstered by a rising trend line set from the June 1 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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