Prices are testing support at 1.6099 after taking out resistance-turned-support at 1.6177 and the bottom of a rising channel set from the November 15 low. A break downward aims for the 1.5951-1.60 area. Alternatively, a break back above 1.6177 exposes the 1.63 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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