EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair has broken above a falling trend line set from early February and the 76.4% Fibonacci expansion (1.3176), exposing the 100% level at 1.3293. A push above that aims for the 123.6% Fib at 1.3411. The 1.3176 level has been recast as near-term support.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed