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Forex Analysis: EUR/USD Classic Technical Report 11.19.2012

By , Currency Strategist
19 November 2012 08:50 GMT

Prices took out support at 1.2830, the 23.6% Fibonacci expansion level, after completing a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011. The pair staged a shallow bounce from the 1.27 figure to retest falling trend line resistance at 1.2778. A break above that exposes the 23.6% Fib anew. Alternatively, a drop below 1.27 targets the 38.2% level at 1.2619. We continue to hold short.

Forex_Analysis_EURUSD_Classic_Technical_Report_11.19.2012_body_Picture_5.png, Forex Analysis: EUR/USD Classic Technical Report 11.19.2012

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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19 November 2012 08:50 GMT