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Forex Analysis: EUR/USD Classic Technical Report 12.04.2012

By , Currency Strategist
04 December 2012 15:02 GMT

Prices broke long-term trend line resistance set from May 2011, exposing the 38.2% Fibonacci expansion at 1.3092. This barrier is reinforced the top of a falling channel set from the September 17 swing high. A break above that targets the 50% level at 1.3223. Trend line resistance-turned-support is at 1.2992, with a break below that exposing the 23.6% Fib at 1.2925.

Forex_Analysis_EURUSD_Classic_Technical_Report_12.04.2012_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 12.04.2012

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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04 December 2012 15:02 GMT