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EURGBP Classic Technical Report 08.23.2012

EURGBP Classic Technical Report 08.23.2012

2012-08-23 07:21:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing resistance a falling trend line set from the late-February top (0.7907), with a break higher initially targeting 0.7950. Near-term support lines up at 0.7867, the 23.6% Fibonacci expansion. A drop below that aims for the 38.2% Fib at 0.7808.

EURGBP_Classic_Technical_Report_08.23.2012_body_Picture_5.png, EURGBP Classic Technical Report 08.23.2012

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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