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EURUSD Classic Technical Report 08.08.2012

EURUSD Classic Technical Report 08.08.2012

Ilya Spivak, Head Strategist, APAC

Prices are stalling below falling trend line resistance set from mid-June, a barrier reinforced by the 50% Fibonacci retracement at 1.2394, with back-to-back Spinning Top and Doji candlesticks hinting at a loss of bullish conviction and warning a downswing may be ahead. Initial support lines up at 1.2311, the 38.2% Fib. Trend line resistance is now at 1.2423, with a break above that exposing the 61.8% retracement at 1.2477.

EURUSD_Classic_Technical_Report_08.08.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.08.2012

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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