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Talking Points
- Prices rose as expected after forming a Bullish Engulfing pattern at support near 0.89
- A pullback has exposed 0.9284 (38.2% Fib); a break below that targets 0.9209 (50% Fib)
- Near-term resistance is at 0.9377 (23.6% Fib); we continue to holdlong for now
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
Contact and follow Ilya on Twitter: @IlyaSpivak
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