EUR/USD Favored Long on Trend Line Break
EUR/USD Technical Strategy: Pending Long
Prices are testing above trend line resistance at 1.3020 after putting in a bullish Piercing Line candlestick pattern. Positive RSI divergence reinforces the case for an upside scenario. A break upward on a daily closing basis initially exposes the 14.6% Fibonacci expansion at 1.3154.Near-term support is at 1.2910, the March 14 low. We will look for confirmation of a breach out to enter long in line with our 2013 outlook.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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