EURUSD Classic Technical Report 07.26.2012
Prices are retesting the 50% Fibonacci expansion at 1.2148, a barrier reinforced by a falling trend line set from the June 29 swing high. A clear break higher above these boundaries exposes the 1.2290-2335 area marked by the 38.2% Fib and the May 31 low. Near-term support is at 1.2004, the 61.8% expansion.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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