EUR/USD Technical Analysis– Prices put in a Bearish Engulfing candlestick pattern below the 1.32 figure, hinting at further weakness ahead. Initial support is at 1.3026, the 38.2% Fibonacci retracement, with a break below that exposing the 50% level at 1.2972. We continue to hold long for now. Near-term resistance is at 1.3201, the April 16 high.

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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