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EURUSD Classic Technical Report 10.15.2012

EURUSD Classic Technical Report 10.15.2012

2012-10-15 09:13:00
Ilya Spivak, Head Strategist, APAC
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Prices bounced from support at 1.2830, the 23.6% Fibonacci expansion reinforced by a rising trend line set from the late July bottom (now at 1.2882). Major falling trend line resistance stands at 1.3041, 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.

EURUSD_Classic_Technical_Report_10.15.2012_body_Picture_5.png, EURUSD Classic Technical Report 10.15.2012

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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