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Forex Analysis: EURGBP Classic Technical Report 11.01.2012

Forex Analysis: EURGBP Classic Technical Report 11.01.2012

2012-11-01 08:05:00
Ilya Spivak, Sr. Currency Strategist
Share:

Prices are wedged between support at a rising trend line set from late July (0.8029), a barrier reinforced by the 38.2%Fibonacci retracement at 0.8006, and the 23.6% level at 0.8066. A break above resistance aims for 0.8095 and 0.8164. Alternatively, a reversal below support exposes the 0.7950-57 area marked by the May 16 low and the 50% retracement.

Forex_Analysis_EURGBP_Classic_Technical_Report_11.01.2012_body_Picture_5.png, Forex Analysis: EURGBP Classic Technical Report 11.01.2012

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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