EUR/USD Technical Analysis– Prices put in a Bullish Engulfing candlestick pattern, hinting at gains ahead. Initial resistance is at 1.2901, the 23.6% Fibonacci retracement, with a break above that exposing the 38.2% level at 1.2966. Near-term support is at 1.2827, the 38.2% Fib expansion. A drop beneath that aims for a rising trend line set from mid-November 2012 (1.2790) and the 50% expansion at 1.2774.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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