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EURUSD Classic Technical Report 08.14.2012

EURUSD Classic Technical Report 08.14.2012

2012-08-14 05:37:00
Ilya Spivak, Head Strategist, APAC
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Prices are rebounding from support at the bottom of a rising channel set from the July 24 to approach trend line resistance at 1.2388. A break higher exposes 1.2442 and the channel top at 1.2513. Channel support is now at 1.2273, with a break below that targeting the 1.2133-61 area marked by the July 13 and August 2 swing lows.

EURUSD_Classic_Technical_Report_08.14.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.14.2012

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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