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EURGBP Classic Technical Report 10.03.2012

EURGBP Classic Technical Report 10.03.2012

Ilya Spivak, Head Strategist, APAC

Prices broke back above the 38.2% Fibonacci retracement at 0.7975 after finding support at 0.7950, a barrier reinforced by a rising trend line set from late July. Buyers now aim to challenge the 23.6% Fib at 0.8028, with a break above that targeting 0.8114. Alternatively, a push below trend line support exposes the 61.8% level at 0.7889.

EURGBP_Classic_Technical_Report_10.03.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.03.2012

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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