EUR/USD Technical Analysis– Prices took out rising trend line support set from early March to challenge the 23.6% Fibonacci expansion at 1.3014. A break below this barrier initially targets neckline support at 1.2913. The trend line, now at 1.3077, has been recast as resistance. A reversal back above that eyes the May 1 high at 1.3242. We have booked profits on our long position.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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