Prices broke back below the 1.60 figure to expose the 38.2% Fibonacci retracement at 1.5911. A push below that targets rising trend line support at 1.5850 and the 1.5769-88 area. Alternatively, a reversal back above 1.60 aims for a falling trend line set from mid-September, now at 1.6112. 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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