EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair is now testing resistance at a falling trend line set from early February (1.3058). A break above that eyes a horizontal barrier at 1.3179. Near-term support is at 1.2953, the April 24 low, with a move beneath that targeting a rising trend line at 1.2807.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.