Prices are bouncing from support marked by the intersection of a rising trend line set from the June 1 low and a falling channel established from late September after completing a bullish Piercing Line candlestick pattern. Near-term term resistance lines up in the 1.5951-1.6003 area, with a break above that targeting the channel top at 1.6056.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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