Prices bounced from support at a rising trend line set from the June 1 low after completing a bullish Piercing Line candlestick pattern and now challenge the top of a rising channel set from late September (1.6025). A break above that initially exposes 1.6145. Alternatively, a move lower through minor supports at 1.6003 and 1.5951 aims to test the trend line (now at 1.5882) anew.
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, please CLICK HERE
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.