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EURUSD Classic Technical Report 07.24.2012

EURUSD Classic Technical Report 07.24.2012

Ilya Spivak, Head Strategist, APAC

Prices narrowly took out support at 1.2148, the 50% Fibonacci expansion level, but failed to overcome the bottom of a falling channel set from late May. A Hammer candlestick above this boundary warns a bounce may be ahead, with a push back above 1.2148 initially exposing the 38.2% expansion at 1.2290. Alternatively, continued selling targets the 61.8% Fib at 1.2004.

EURUSD_Classic_Technical_Report_07.24.2012_body_Picture_5.png, EURUSD Classic Technical Report 07.24.2012

Daily 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.