EUR/USD Classic Technical Report 07.05.2012
Prices are showing a Hammer candlestick above support at 1.2522, the 50%Fibonacci expansion, hinting an upswing may be ahead. Initial resistance lines up at 1.2562, the 38.2% Fib. Alternatively, a break lower exposes a confluence of support marked by the 1.2500 figure, the bottom of a falling channel set from the June 29 swing high (1.2493) and the 61.8% expansion (1.2481).
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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 firstname.lastname@example.org