EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. Prices have now broken above a falling trend line set from early February, exposing a horizontal barrier at 1.3179. The trend line – now at 1.3048 – has been recast as support. A move back below that eyes the April 24 low at 1.2953.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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