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EURUSD Classic Technical Report 07.16.2012

EURUSD Classic Technical Report 07.16.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing key support at 1.2177, a level dating to May 2010, with a break lower initially exposing the 1.21 figure. A bullish Engulfing candlestick pattern and positive RSI divergence warns that an interim bounce may materialize before renewed downside however. Near-term resistance lines up at 1.2249, with a break above that exposing upside objectives at 1.2333 and 1.2433.

EURUSD_Classic_Technical_Report_07.16.2012_body_Picture_5.png, EURUSD Classic Technical Report 07.16.2012

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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