EURUSD Classic Technical Report 10.19.2012
Prices pulled back from falling trend line resistance set from May 2011 (now at 1.3148) to retest the 23.6% Fibonacci expansion at 1.3068, completing a bearish Dark Cloud Cover candle pattern. Follow-through with a conclusive break below 1.3068 targets a rising trend line set from the June swing bottom (1.2955), followed by 1.2823. Trend line resistance is now at 1.3145. A push above that exposes the 38.2% Fib at 1.3235.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE