EURUSD Classic Technical Report 08.08.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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 firstname.lastname@example.org