Prices are once again rebounding from support at the 1.60 figure, a barrier reinforced by the 38.2% Fibonacci retracement at 1.5996. Initial falling trend line resistance lines up at 1.6166, with a break above that broadly exposing the 1.63 figure. Alternatively, a reversal through support targets the 50% retracement at 1.5899.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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