EURUSD Classic Technical Report 09.04.2012
Prices are hovering below resistance at the top of a Rising Wedge pattern carved out since late July (1.2632), a barrier reinforced by the top of major falling channel guiding prices lower since late August 2011 (1.2643). A break higher initially exposes the 1.27 figure. Still, a Bearish Engulfing candlestick pattern continues to argue for a downside bias, with only a close above the formation’s high (1.2588) acting to neutralize. Wedge bottom support is now at 1.2418.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.