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EURUSD Classic Technical Report 07.12.2012

EURUSD Classic Technical Report 07.12.2012

2012-07-12 05:59:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing support at 1.2210, the 100% Fibonacci expansion level, with a break lower exposing the 114.6% level at 1.2132. Near-term resistance lines up at 1.2336, the 76.4% Fib, with a breach above that targeting the 61.8% expansion at 1.2415. Emerging signs of positive RSI divergence hint a near-term bounce may be ahead.

EURUSD_Classic_Technical_Report_07.12.2012_body_Picture_5.png, EURUSD Classic Technical Report 07.12.2012

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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