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Talking Points

• A Bullish Engulfing pattern has formed at rising trend line support set from Nov 2011

• Candle setup hints at gains;initial resistance at seen at 0.7917 (23.6% Fib retracement)

• Reversal below the trend line (now at 0.7722) exposes the June 24 swing low at 0.7682

Confirm your chart-based trade setups with the Technical Analyzer.

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

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