Prices pit in a Bullish Engulfing candlestick pattern at the bottom of a falling channel set from the June 29 swing high, hinting a move higher may be ahead. Initial resistance is seen at the channel’s midline, now at 94.90, with a break above tat targeting the formation’s top at 95.82. The July 23 low at 94.23 marks initial support, with a breach below this barrier targeting the channel bottom at 93.86.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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