EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair is now recoiling from resistance at a falling trend line set from early February (1.3062) to test below the 1.30 figure. A break downward exposes a rising trend line at 1.2805. Alternatively, a move above resistance eyes a horizontal resistance level at 1.3179.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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