EURUSD Classic Technical Report 08.31.2012
Prices are rebounding to retest the top of a Rising Wedge pattern carved out since late July (1.2615). A break higher targets the top of major falling channel encapsulating prices since late August 2011 (1.2656). 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. Wedge bottom support is now at 1.2395.
Daily Chart - Created Using FXCM Marketscope 2.0
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