EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair has broken above a falling trend line set from early February and the 76.4% Fibonacci expansion (1.3176), exposing the 100% level at 1.3293. A push above that aims for the 123.6% Fib at 1.3411. The 1.3176 level has been recast as near-term support, with a drop back beneath that eyeing the 61.8% expansion at 1.3103.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE