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Forex Analysis: EUR/USD Classic Technical Report 12.12.2012

By , Currency Strategist
12 December 2012 13:15 GMT

Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. The pair found interim support in the 1.2855-1.2902 area, with a bounce from here seeing initial resistance at the underside of a rising trend line set from the November 13 low (1.3077). This boundary is reinforced by the top of a falling channel set from mid-September (now at 1.3093). A push above that aims for the December 5 high at 1.3126. Alternatively, a drop below support exposes the 38.2% Fib at 1.2737. Our short entry order at 1.2978 has been triggered.

Forex_Analysis_EURUSD_Classic_Technical_Report_12.12.2012_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 12.12.2012

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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12 December 2012 13:15 GMT