EUR/USD Technical Analysis– Prices rose as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.2966, the 38.2% Fibonacci retracement, with a break above that exposing the 50% level at 1.3019. Near-term support is at 1.2901, the 23.6% level, followed by the May 17 low at 1.2795.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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