Prices put in a Bullish Engulfing candlestick pattern above support at 1.0051, a formerly broken multi-month range top reinforced by the bottom of a falling channel set from early June. The setup hints an upswing is ahead. Initial trend line resistance now stands at 1.0177, with a break above that exposing the channel top at 1.0260. Support is in the 1.0051-1.0101 area.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
