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EURUSD Classic Technical Report 08.23.2012

EURUSD Classic Technical Report 08.23.2012

2012-08-23 09:19:00
Ilya Spivak, Head Strategist, APAC
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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).

EURUSD_Classic_Technical_Report_08.23.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.23.2012

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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