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EURUSD Classic Technical Report 07.17.2012

EURUSD Classic Technical Report 07.17.2012

Ilya Spivak, Head Strategist, APAC

Prices rose to take out resistance at 1.2249 after putting gin a Bullish Engulfing candlestick pattern above key support at 1.2177, a level dating to May 2010. The bulls now aim to challenge upside barriers at 1.2333 and 1.2433. The 1.2249 level has been recast as near-term support.

EURUSD_Classic_Technical_Report_07.17.2012_body_Picture_5.png, EURUSD Classic Technical Report 07.17.2012

8hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.