Prices edged higher as expected after putting in a Hammer candlestick above the 23.6% Fibonacci expansion at 1.0367 to retest support-turned-resistance at the underside of a Rising Wedge chart pattern completed last week (1.0425). A move above that targets falling trend line resistance at 1.0462. Alternatively, a push below support aims for 1.0181. We continue to hold short.

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 on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.