Prices continue to oscillate between support in the 1.5769-84 area, marked by the March 22 low and the 50% Fibonacci retracement, and the 61.8%level at 1.5906. A break higher targets the 1.60 figure and the 76.4% Fib at 1.6057. Alternatively, a push below support exposes the 1.5638-62 region, defined by a horizontal pivot set from mid-February and the 38.2% retracement.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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