Prices broke support at 1.6063, the 23.6% Fibonacci retracement level, exposing the 38.2% Fib at 1.5911. A further push below that targets the 1.5769-88 area. The 1.6063 level has been recast as near-term resistance, with a reversal back above that broadly opening the door for a move to challenge 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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