EUR/USD Technical Analysis– Prices have completed a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial trend line resistance is at 1.3083, followed by the 23.6% Fibonacci retracement at 1.3139. A break above the latter level exposes the 38.2% level at 1.3248. Near-term support is at 1.2963, the March 6 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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