EUR/USD Technical Analysis– Prices are testing support at 1.2918, marked by the 23.6% Fibonacci expansion and the bottom of a short-term falling channel. A break beneath that exposes the 38.2% Fib at 1.2801. Near-term resistance is broadly at the 1.31 figure, established by the close proximity of the channel top (1.3098) and the March 15 swing high (1.3106).

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

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