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EURUSD Classic Technical Analysis Report 10.23.2012

EURUSD Classic Technical Analysis Report 10.23.2012

Ilya Spivak, Head Strategist, APAC

Prices completed a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011 (now at 1.3133), hinting a move lower is ahead. Support stands at a rising trend line set from the June swing bottom (1.2982), with a break below that initially exposing 1.2823. Alternatively, push above resistance targets the 38.2% Fibonacci expansion at 1.3232.

EURUSD_Classic_Technical_Analysis_Report_10.23.2012_body_Picture_5.png, EURUSD Classic Technical Analysis Report 10.23.2012

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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