EURUSD Classic Technical Report 08.23.2012

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Prices are testing resistance in the 1.2521-65 area, marked by the top of a Rising Wedge pattern carved out since late July and a channel line established from mid-March. A break higher initially exposes the 1.27 figure. Near-term support is at 1.2442. Broadly speaking, the Wedge setup carries bearish implications but confirmation is needed on a daily close below the formation’s bottom (now at 1.2320).

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