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EUR/USD Classic Technical Report 07.06.2012

EUR/USD Classic Technical Report 07.06.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support at 1.2366, the 38.2% Fibonacci expansion. Renewed selling from here exposes the June 1 low at 1.2287 and 50% expansion at 1.2247. Alternatively, a bounce sees initial resistance at 1.2429, followed by the 23.6% Fib at 1.2511. The psychologically significant 1.2500 figure reinforces the latter barrier.

EURUSD_Classic_Technical_Report_07.06.2012_body_Picture_5.png, EUR/USD Classic Technical Report 07.06.2012

8hr 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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