EURGBP Classic Technical Report 08.16.2012
Prices have turned lower anew after a test of support-turned-resistance in the 0.7867, the 23.6% Fibonacci expansion. Near-term support lines up at 0.7808, the 38.2% Fib, with a break below that targeting the 50% expansion at 0.7761. Alternatively, a reversal through resistance exposes falling trend line resistance set from the late-February top, now at 0.7924.
Daily Chart - Created Using FXCM Marketscope 2.0
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