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EURUSD: Still Searching for Clear Direction Cues

EURUSD: Still Searching for Clear Direction Cues

2012-10-12 12:21:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices bounced from support at 1.2830, the 23.6% Fibonacci expansion reinforced by a rising trend line set from the late July bottom. Major falling trend line resistance stands at 1.3045, with a break above that targeting swing tops at 1.3070 and 1.3171. Alternatively, a breach below 1.2830 on a daily closing basis exposes the 38.2% expansion at 1.2620. Current positioning doesn’t offer an actionable trade setup and we will stand side for now.

EURUSD_Prices_Search_for_Clear_Direction_Cues_body_Picture_5.png, EURUSD: Still Searching for Clear Direction Cues

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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