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Forex Analysis: EURUSD Classic Technical Report 10.26.2012

Forex Analysis: EURUSD Classic Technical Report 10.26.2012

Ilya Spivak, Head Strategist, APAC

Prices completed a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011 and broke through upward-sloping support set from the June swing bottom, hinting a significant reversal is at hand. Initial support lines up at 1.2826, the 23.6% Fibonacci expansion level. A reversal back above the trend line (now at 1.2981) exposes a long-term downward-sloping barrier at 1.3105.

Forex_Analysis_EURUSD_Classic_Technical_Report_10.26.2012_body_Picture_5.png, Forex Analysis: EURUSD Classic Technical Report 10.26.2012

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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