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EURUSD Classic Technical Report 10.18.2012

EURUSD Classic Technical Report 10.18.2012

Ilya Spivak, Head Strategist, APAC

Prices broke above the 23.6% Fibonacci expansion at 1.3068 to expose critical falling trend line resistance set from May 2011 (now at 1.3148). 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. The 1.3068 level has been recast as support, with a break below that targeting a rising trend line set from the June swing bottom (1.2941).

EURUSD_Classic_Technical_Report_10.18.2012_body_Picture_5.png, EURUSD Classic Technical Report 10.18.2012

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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