By | August 07 2012 1:00 PM

Be careful with the EURUSD up here as it presses against resistance from late June lows. The 100% extension of the rally from the low looms at 12481 along with channel resistance over the next few days. While the EURUSD may extend into 12550 or even 12750, it's unlikely that the path taken is directly from here. See the technicals for additional explanation. 12290 is support.