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  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
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  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
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EURUSD Classic Technical Report 10.17.2012

EURUSD Classic Technical Report 10.17.2012

2012-10-17 14:01:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing above pivotal falling trend line resistance set from May 2011, a barrier reinforced by the 23.6% Fibonacci expansion at 1.3068. A confirmed break on a daily close above this boundary threatens to mark a major medium-term trend reversal, initially targeting the 38.2% level at 1.3235. Support remains at rising trend line set from the June swing bottom, now at 1.2914.A drop below that aims for 1.2823.

EURUSD_Classic_Technical_Report_10.17.2012_body_Picture_5.png, EURUSD Classic Technical Report 10.17.2012

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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