Prices put in a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Initial resistance is in the 1.5822-31 area, marked by the 23.6% Fibonacci retracement and the November 15 low. A break above that targets the 38.2% level at 1.5929. Near-term support is at 1.5674, the January 28 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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