EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. Initial resistance is at 1.2972, the 23.6% Fibonacciretracement. A break above that aims for the 38.2% at 1.3113. Support is marked by a rising trend line set from mid-November 2012, now at 1.2794.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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