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EURUSD Classic Technical Report 07.23.2012

EURUSD Classic Technical Report 07.23.2012

2012-07-23 04:35:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices are testing support at 1.2148, marked by the bottom of a falling channel set from late May and the 50% Fibonacci expansion level. A break below this boundary initially exposes the 61.8% Fib at 1.2004, a level reinforced by the psychological significance of the 1.20 figure. Near-term resistance lines up 1.2290, the 38.2% expansion.

EURUSD_Classic_Technical_Report_07.23.2012_body_Picture_5.png, EURUSD Classic Technical Report 07.23.2012

Daily 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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