US Dollar Classic Technical Report 08.08.2012
Prices put in a Hammer candlestick above support at a major rising trend line established from late July 2011, hinting a bounce may be ahead. Initial resistance lines up at 10038, the 61.8% Fibonacci expansion, with a push beyond that targeting the midline of a falling channel carved out over the past two months, now at 10076. Alternatively, a break below support (now in the 9975-92 area) initially exposes the 100% expansion at 9925.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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