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EURUSD Classic Technical Report 09.05.2012

EURUSD Classic Technical Report 09.05.2012

2012-09-05 10:13:00
Ilya Spivak, Head Strategist, APAC

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. Negative RSI divergence reinforces the case for a downside scenario. Wedge bottom support is now at 1.2418.

EURUSD_Classic_Technical_Report_09.05.2012_body_Picture_5.png, EURUSD Classic Technical Report 09.05.2012

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

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