Prices are testing horizontal pivot resistance at 1.6177. A break above that aims for a channel top at 1.6226, followed by the 1.63 figure. Major support is at a trend line set from the June 1 bottom (now at 1.6004), with a drop below that targeting swing lows at 1.5913 and 1.5822. Positioning doesn’t offer an actionable trade setup at the moment and we will remain on the sidelines.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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