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EURUSD Classic Technical Report 10.19.2012

EURUSD Classic Technical Report 10.19.2012

Ilya Spivak, Head Strategist, APAC

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.

EURUSD_Classic_Technical_Report_10.19.2012_body_Picture_5.png, EURUSD Classic Technical Report 10.19.2012

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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