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EURUSD Classic Technical Report 08.29.2012

EURUSD Classic Technical Report 08.29.2012

Ilya Spivak, Head Strategist, APAC

Prices rebounded to retest the top of a Rising Wedge pattern carved out since late July (1.2594). A break higher targets the top of major falling channel encapsulating prices since late August 2011 (1.2668). Still, a

Bearish Engulfing candlestick pattern continues to argue for a downside bias, with only a close above the setup’s high (1.2588) acting to neutralize. With that in mind, we have entered short. Wedge bottom support is now at 1.2370.

EURUSD_Classic_Technical_Report_08.29.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.29.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.