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
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