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EURUSD Classic Technical Report 08.10.2012

EURUSD Classic Technical Report 08.10.2012

Ilya Spivak, Head Strategist, APAC

Prices are edging lower after putting in a Spinning Top candlestick falling trend line resistance set from mid-June, a barrier reinforced by the 50% Fibonacci retracement at 1.2394. Initial support at the 38.2% Fib (1.2311) appears to have been narrowly breached. Sellers now aim to challenge rising channel support at 1.2214. A break below that exposes the 1.2133-61 area. The 1.2394 level has been recast as the first layer of major resistance.

EURUSD_Classic_Technical_Report_08.10.2012_body_Picture_5.png, EURUSD Classic Technical Report 08.10.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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