Prices bounced from support at a rising trend line set from the June 1 low after completing a bullish Piercing Line candlestick pattern and now challenge a downward-sloping barrier set from mid-September (1.6048). A break above that initially exposes 1.6145. Alternatively, a move lower through minor supports at 1.6003 and 1.5951 aims to test the trend line (now at 1.5898) anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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