Prices put in a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Initial resistance lines up at 0.9157, the 23.6% Fibonacci retracement level. A break above that exposes the 38.2% mark at 0.9200. Near-term support is at 0.9087, the December 19 swing low.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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