Prices put in a Bullish Engulfing candlestick pattern at support marked by the 50% Fibonacci retracement (1.0122), hinting an upswing is ahead. Initial resistance lines up at 1.0158, with a break above that targeting the 38.2% level at 1.0199. Alternatively, renewed selling through support exposes the 1.0046-62 area.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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