You could potentially use the 1116, but there are situations where using the 2555 works out better than the 1116 and vice versa. You may want to compute using both methods - one interesting caveat about the way the 2555 works - If you exclude foreign income, your brackets for US income get computed as though you still had the foreign income as part of your income as well, so that might negate any benefit and the 1116 might be a better route in that case.
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