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EURUSD Classic Technical Report 08.16.2012

EURUSD Classic Technical Report 08.16.2012

Ilya Spivak, Head Strategist, APAC

Prices remain wedged between support at the bottom of a rising channel set from the July 24 and trend line resistance established from the June 18 high, now at 1.2371. A break higher exposes 1.2442 and the channel top at 1.2526. Channel support is now at 1.2266, 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_08.16.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.16.2012

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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