EUR/USD Technical Analysis– Prices took out falling trend line resistance set from early February after putting in a bullish Harami candlestick pattern, pointing at gains ahead. Buyers now aim to challenge the 1.30 figure and the 23.6% Fibonacci expansion at 1.3139. The trend line, now at 1.2824, has been recast as support. A turn back below that eyes the March 27 low at 1.2750. We have now entered long.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed