EURUSD Classic Technical Report 08.03.2012
Prices edged lower after putting in a Bearish Engulfing candlestick pattern below resistance at 1.2315. Sellers now target support at 1.2161, with a break below that exposing 1.2041. Initial support lines up at 1.2161, with a break below that exposing 1.2041. Alternatively, a push above resistance targets falling trend line support at 1.2393, followed by the 1.2451 level.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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