Steady uptrend on the 4 hour chart followed by retracement from high and resistance at 1.17300 down to the 0.5 fib level which overlaps a major support level at 1.15220 where price recently has rallied up. A bullish hammer candlestick was formed at this level which shows a possible long position. Price has been in a sideways channel the last 2 months so if the 1.17500 resistance is broken expect a strong uptrend.