EURUSD Classic Technical Report 10.16.2012
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 1.2896). Major falling trend line resistance stands at 1.3035, 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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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