EURUSD Classic Technical Report 08.23.2012
Prices are testing resistance in the 1.2521-65 area, marked by the top of a Rising Wedge pattern carved out since late July and a channel line established from mid-March. A break higher initially exposes the 1.27 figure. Near-term support is at 1.2442. Broadly speaking, the Wedge setup carries bearish implications but confirmation is needed on a daily close below the formation’s bottom (now at 1.2320).
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.