Prices moved higher as expected after putting in a bullish Piercing Line candlestick pattern, taking out initial resistance the 23.6% Fibonacci retracement (0.9157). Buyers now target the 38.2% level at 0.9200. The 0.9157 level has been recast as near-term support, with a reversal back below that aiming for the December 19 swing low at 0.9087.
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
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