EURUSD Classic Technical Report 07.12.2012
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.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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