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
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