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Prices put in a Hammer candlestick above the 23.6% Fibonacci expansion at 1.0367, hinting a bounce may be ahead. Initial resistance is at 1.0414, the underside of a Rising Wedge chart pattern completed last week. A move above that targets falling trend line resistance at 1.0466. Alternatively, a push below support aims for the 38.2% level at 1.0297. We continue to hold short.
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
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