EURUSD Classic Technical Report 07.31.2012
Prices put in a Bearish Engulfing candlestick pattern below resistance at 1.2334, the 23.6% Fibonacci retracement reinforced by a falling trend line set from late April, hinting a move downward is ahead. Initial support lines up at 1.2181, with a break below that exposing 1.2059. Alternatively, a push above the trend line on a daily closing basis targets the 38.2% Fib at 1.2516.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com