Prices are testing resistance in the 0.9907-12 area, marked by the October 27 2011 close and the underside of a falling channel set from early June, after putting in a bullish Piercing Line candlestick pattern above support at 0.9854 (the March 1 bottom). A break higher initially exposes the parity level. Alternatively, a push through support exposes the April 27 close at 0.9801.
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
