Prices are testing support at 1.6057, the 76.4% Fibonacci retracement, with a break lower exposing 1.60 figure and the 61.8% level at 1.5906. Resistance is found in the 1.6259-1.6300 area, marked by the late April swing top, with a reversal above that targeting 1.65 figure and the 123.6% extension at 1.6544.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
- Fibonacci retracement