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 1.2795, the May 17 low.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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