Prices are drifting toward support at 1.6063, the 23.6% Fibonacci retracement level. A break below this boundary targets the 38.2% Fib at 1.5911. Near-term falling channel resistance lines up at 1.6209, with a break above that targeting 1.6300.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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