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Talking Points
- Prices are testing resistance in the 1.6595-1.6603 area (38.2% Fib exp., Jan 2 high)
- Breaking higher on a daily closing basis initially targets 1.6683 (50% Fib expansion)
- Support is at 1.6485 (23.6% Fib exp.); below that exposes 1.6430 (channel top)
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
Contact and follow Ilya on Twitter: @IlyaSpivak
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