Prices are testing resistance in the 1.5769-84 area, defined by the March 22 low and the 50% Fibonacci retracement. A break higher initially aims for the 61.8% Fib at 1.5906. Near-term support is in the 1.5638-62 region, marked by a former horizontal support set from mid-February and the 38.2% retracement. A push below this barrier targets a rising trend line set from the June 1 low (1.5559).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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