EURUSD Classic Technical Report 07.24.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.