Prices are testing below support at 1.5822, the November 15 low. A break downward targets support in the 1.5736-46 area, marked by a former resistance barrier and the 123.6% Fibonacci expansion. A push below that aims for the 138.2% level at 1.5695. Near-term resistance is at 1.5912, the 76.4% expansion, with a reversal above that targeting the 61.8% Fib at 1.5963.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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