EURUSD Classic Technical Report 08.13.2012
Prices are edging lower after putting in a Spinning Top candlestick falling trend line resistance set from mid-June, a barrier reinforced by the 50% Fibonacci retracement at 1.2394. Sellers have now cleared initial support at the 38.2% Fib (1.2311) and now aim to challenge rising channel support at 1.2228. A break below that exposes the 1.2133-61 area. The 1.2311 level has been recast as resistance.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.