Prices are consolidating between support at 1.6099 and resistance at 1.6177. The upper barrier is reinforced by the bottom of a rising channel set from the November 15 low (1.6193). A break higher exposes the 1.63 figure. Alternatively, a drop below 1.6099 aims for the 1.60 figure, a psychological threshold bolstered by a rising trend line set from the June 1 low.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.