Prices put in a Bullish Engulfing candlestick pattern at support marked by the 50% Fibonacci retracement (1.0122), hinting an upswing is ahead. Initial resistance lines up at 1.0158, with a break above that targeting the 38.2% level at 1.0199. Alternatively, renewed selling through support exposes the 1.0046-62 area.

4hr 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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com