Prices are testing support at 1.5996, the 38.2% Fibonacci retracement level, with a bullish Morning Star candlestick pattern hinting an upswing is ahead. Near-term falling trend line resistance is at 1.6135. A push above this boundary broadly clears the way for another challenge of the 1.63 figure. Alternatively, a break below support exposes the 50% retracement at 1.5899.
Daily 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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
