Prices followed a Bullish Engulfing candlestick pattern with a break above minor falling trend line resistance set from late June. Buyers are now testing minor resistance at 1.0231, with a break above that exposing the top of a downward-sloping channel set from the June 1 high (currently at 1.0250). Near-term support is at 1.0156, with a break below that exposing the 1.0051-101 region anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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