EUR/USD Technical Analysis– Prices are testing below support at 1.2958, the 23.6% Fibonacci expansion. A break lower exposes the 38.2% level at 1.2848. Positive RSI divergence warns of ebbing bearish momentum however, warning a reversal higher may be ahead. Initial trend line resistance is at 1.3016, with a break above that targeting the March 8 high at 1.3133.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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