Prices are rebounding from support at the bottom of a rising channel set from the July 24 to approach trend line resistance at 1.2388. A break higher exposes 1.2442 and the channel top at 1.2513. Channel support is now at 1.2273, with a break below that targeting the 1.2133-61 area marked by the July 13 and August 2 swing lows.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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