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Talking Points
- Prices rose as expected after forming a Bullish Engulfing at support set from Nov 2011
- Near-term resistance is in the 0.8062-96 area (triple top, 38.2% Fib retracement)
- Break higher targets 0.8179 (50% Fib); initial support is at 0.7917 (23.6% Fib)
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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