Prices are edging higher as expected after putting in a Bullish Engulfing candlestick pattern above support in the support in the 0.9735-52 area. Initial resistance remains at 0.9872, with a break above that targeting 0.9971. Alternatively, a reversal back through support exposes a rising trend line set from early May (now at 0.9702) and the 0.9616-50 region.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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