Prices are testing support at 1.5996, the 38.2% Fibonacci retracement level. A break lower exposes the 50% retracement at 1.5899. Near-term falling trend line resistance is at 1.6142. A push above this boundary broadly clears the way for another challenge of the 1.63 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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