EURUSD Classic Technical Report 08.16.2012

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Prices remain wedged between support at the bottom of a rising channel set from the July 24 and trend line resistance established from the June 18 high, now at 1.2371. A break higher exposes 1.2442 and the channel top at 1.2526. Channel support is now at 1.2266, with a break below that targeting the 1.2133-61 area marked by the July 13 and August 2 swing lows.

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