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Prices are testing above resistance at the top (now at 1.0530) of a Rising Wedge pattern, with a break higher initially targeting the August 9 close at 1.0578. Near-term trend line resistance-turned support is at 1.0460, with a drop below that exposing the wedge bottom at 1.0435.
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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