EURGBP Classic Technical Report 10.05.2012
Prices took out resistance at 0.8008, the 23.6% Fibonacci expansion, with buyers now aiming to challenge the 38.2% level at 0.8060. A break above that barrier exposes the 50% Fib at 0.8104. The 0.8008 level has been recast as support, with a reversal back below that aiming for support at 0.7950.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.