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EURUSD Classic Technical Report 08.02.2012

EURUSD Classic Technical Report 08.02.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bearish Engulfing candlestick pattern below resistance at 1.2335, a barrier reinforced by a falling trend line set from late April, hinting a move downward is ahead. Initial support lines up at 1.2161, with a break below that exposing 1.2041. Alternatively, a push above the trend line (now at 1.2347) targets 1.2442, the June 28 close.

EURUSD_Classic_Technical_Report_08.02.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.02.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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